UltraTech Cement gains after RBI nod for hike in foreign investment limit

UltraTech Cement rose 3.2% to Rs 4010.20 at 9:23 IST on BSE after the Reserve Bank of India notified increase in the ceiling on investment in the company's shares by foreign investors to 30% the company's paid up capital.

Meanwhile, the BSE Sensex was up 100.34 points, or 0.35%, to 28,443.35.

On BSE, so far 5,859 shares were traded in the counter, compared with average daily volume of 21,235 shares in the past one quarter. The stock hit a high of Rs 4,023.05 so far during the day, which is a record high for the counter. The stock hit a low of Rs 3,903.05 so far during the day. The stock hit a 52-week low of Rs 2,581.15 on 18 January 2016. The stock had outperformed the market over the past 30 days till 30 August 2016, rising 3.54% compared with 1.21% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 20.15% as against Sensex's 6.10% rise.

The large-cap company has equity capital of Rs 274.44 crore. Face value per share is Rs 10.

Ultra Tech Cement's board of directors and the company's shareholders have already approved increase in ceiling on investment in the company's shares by foreign institutional investors.

UltraTech Cement's consolidated net profit rose 29.2% to Rs 780.11 crore on 4.1% growth in net sales to Rs 6537.83 crore in Q1 June 2016 over Q1 June 2015.

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

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