UltraTech Cement hits record high level; rises 9% in seven days

UltraTech Cement gained 0.92% to Rs 4,959, extending its winning run to seventh consecutive trading session.

Shares of UltraTech Cement have surged 8.85% in seven trading days from its previous closing low of Rs 4,555.85 on 6 November 2020. The counter hit a record high of Rs 4,975 in intraday trade today. The stock is up 70% from its 52-week low of Rs 2,913.15 posted on 25 March 2020.

On the technical front, the stock's RSI (relative strength index) stood at 74.787. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 4314.39 and 4141.67 respectively. These levels will act as crucial support zones in near term.

The cement major's consolidated net profit surged 113.15% to Rs 1,234.38 crore on a 7.68% increase in revenue from operations to Rs 10,354.21 crore in Q2 September 2020 over Q2 September 2019. Consolidated profit before tax (PBT) soared 64.63% to Rs 1,464.98 crore in Q2 September 2020 as against Rs 889.84 crore in Q2 September 2019.

UltraTech Cement manufactures a range of products that cater to construction needs from foundation to finish, including Ordinary Portland Cement (OPC), Portland Blast Furnace Slag Cement (PSC), Portland Pozzolana Cement (PPC), white cement including white cement-based products and ready-mix concrete.

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