UltraTech Cement gains on plan to issue NCDs

UltraTech Cement rose 0.89% to Rs 3,693.65 at 9:33 IST on BSE after the company said it is planning to issue secured redeemable non-convertible debentures worth Rs 425 crore on private placement basis.

The announcement was made after market hours yesterday, 4 August 2016.

Meanwhile, the S&P BSE Sensex was up 231.37 points, or 0.83%, to 27,945.74.

On BSE, so far 2,036 shares were traded in the counter, compared with an average daily volume of 21,578 shares in the past one quarter. The stock hit a high of Rs 3,720.60 and a low of Rs 3,661 so far during the day. The stock hit a record high of Rs 3,768 on 1 August 2016. 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 one month till 4 August 2016, rising 7.34% compared with 1.60% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 15% as against Sensex's 10.41% rise.

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

UltraTech Cement will issue two separate sets of secured redeemable non-convertible debentures (NCDs) amounting to Rs 175 crore and Rs 250 crore respectively, each on private placement basis. NCDs with issue size of Rs 250 crore has tenure of 5 years and NCDs with issue size of Rs 175 crore has tenure of 3 years. Both the sets of NCDs offer coupon rate of 7.57% per annum.

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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