UltraTech Cement moves higher as domestic brokerage maintains buy rating

UltraTech Cement rose 2.78% to Rs 3,110.95 at 15:22 IST on BSE on media reports that a domestic brokerage has maintained its 'buy' rating on the stock.

Meanwhile, the S&P BSE Sensex was up 269.93 points or 1.09% at 24,947.30.

On BSE, so far 51,000 shares were traded in the counter as against average daily volume of 27,229 shares in the past one quarter. The stock hit a high of Rs 3,118 and a low of Rs 3,040 so far during the day. The stock had hit a 52-week high of Rs 3,369.50 on 20 July 2015. The stock had hit a 52-week low of Rs 2,530.80 on 7 May 2015. The stock had outperformed the market over the past one month till 17 March 2016, surging 9.08% compared with Sensex's 5.54% rise. The scrip had also outperformed the market in past one quarter, advancing 4.77% as against Sensex's 4.37% fall.

The large-cap company has equity capital of Rs 274.43 crore. Face value per share is Rs 10.

The brokerage expects UltraTech Cement's revenue to grow at compounded annual growth rate of 14% for the period from FY 2016 to FY 2018. The brokerage reportedly said that UltraTech Cement stock offers the best opportunity in the cement sector in India and the stock can continue to outperform in the near term.

UltraTech Cement's consolidated net profit rose 36.5% to Rs 545.92 crore on 4.7% growth in net sales to Rs 6108.36 crore in Q3 December 2015 over Q3 December 2014.

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

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