UltraTech Cement gains after winning coal linkages through auction

UltraTech Cement rose 1.2% to Rs 3,674.50 at 11:45 IST on BSE after the company announced that it secured coal after participating in the auction of coal linkages for cement sector

The announcement was made after market hours yesterday, 26 July 2016.

On BSE, so far 5,628 shares were traded in the counter as against average daily volume of 21,495 shares in the past one quarter. The stock hit high of Rs 3,690 and low of Rs 3,646.40 so far during the day. The stock had hit a record high of Rs 3,696.40 on 26 July 2016. The stock had hit a 52-week low of Rs 2,581.15 on 18 January 2016. The stock had outperformed the market over the past one month till 26 July 2016, rising 10.19% compared with 5.98% rise in the Sensex. The scrip had also outperformed the market in past one quarter, advancing 11.14% as against Sensex's 7.57% rise.

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

UltraTech Cement announced that the company secured 95,000 tons of coal at a premium of Rs 80 per ton over base price of Rs 970 per ton from Junadhi Mines in Chhattisgarh after participating in the auction of coal linkages for cement sector.

UltraTech Cement said that a formal communication vesting the coal linkages in the company's favour is expected in due course. The company intends to participate in the future linkage auctions for its plants located strategically near the coal mines.

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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