UltraTech Cement gains after getting board approval for hiking FII limit

UltraTech Cement rose 2.05% to Rs 3,164.50 at 11:42 IST on BSE after the company said its board approved a proposal for raising foreign investment limit in the firm.

The announcement was made during trading hours today, 9 May 2016.

Meanwhile, the BSE Sensex was up 357.59 points, or 1.42%, to 25,586.09 .

On BSE, so far 6,285 shares were traded in the counter, compared with an average volume of 25,323 shares in the past one quarter. The stock hit a high of Rs 3,175.40 and a low of Rs 3,110 so far during the day. The stock hit a 52-week high of Rs 3,452.95 on 20 April 2016. The stock hit a 52-week low of Rs 2,581.15 on 18 January 2016. The stock had underperformed the market over the past one month till 6 May 2016, falling 2.84% compared with 1.32% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 9.08% as against Sensex's 2.48% rise.

The large-cap company has an equity capital of Rs 274.43 crore. Face value per share is Rs 10.

The board of UltraTech Cement has approved a proposal for increasing investment limits by Registered Foreign Portfolio Investors (RFPIs), including Foreign Institutional Investors (FIIs), upto 30% of the paid-up equity share capital of the company from the existing 24% of the paid-up equity share capital.

The increase in the limits is subject to the approval of the company's shareholders at the ensuing annual general meeting of the company to be held in July 2016.

UltraTech Cement's consolidated net profit rose 10% to Rs 723 crore on 5.1% growth in net sales to Rs 6850 crore in Q4 March 2016 over Q4 March 2015.

UltraTech Cement is a leading cement manufacturer in India. It is a part of the Aditya Birla Group.

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