Ultratech Cement gains as RBI allows raising FPI limit

Ultratech Cement rose 0.56% to Rs 4,160.65 at 09:19 IST on BSE after the central bank hiked foreign investment limit in the stock to 40% from 30% earlier.

Meanwhile, the S&P BSE Sensex was down 118.81 points, or 0.36% to 33,198.39.

On the BSE, 474 shares were traded in the counter so far, compared with average daily volumes of 8,403 shares in the past two weeks. The stock had hit a high of Rs 4,167.60 and a low of Rs 4,150 so far during the day. The stock hit a record high of Rs 4,594.30 on 16 January 2018. The stock hit a 52-week low of Rs 3,774 on 7 March 2017.

The large-cap company has equity capital of Rs 274.58 crore. Face value per share is Rs 10.

The Reserve Bank of India (RBI) after market hours yesterday, 6 March 2018 notified that the Foreign Portfolios Investors (FPIs) investment limit under Portfolio Investment Scheme in UltraTech Cement has increased to 40% from 30% of its paid up capital.

Ultratech Cement's consolidated net profit fell 23.36% to Rs 456.30 crore on 34.12% increase in total income to Rs 8175.40 crore in Q3 December 2017 over Q3 December 2016.

UltraTech Cement is the largest manufacturer of grey cement, ready mix concrete and white cement in India.

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