UltraTech Cement surges after declaring Q1 result

UltraTech Cement gained 3.63% to Rs 3,333.60 at 14:55 IST on BSE after consolidated net profit declined 5.7% to Rs 591.13 crore on 4.26% growth in total income to Rs 6513.77 crore in Q1 June 2015 over Q1 June 2014.

The result was announced during market hours today, 20 July 2015.

Meanwhile, the S&P BSE Sensex was down 26.31 points or 0.09% at 28,437

On BSE, so far 60,112 shares were traded in the counter as against average daily volume of 23,164 shares in the past one quarter.

The stock saw high intraday volatility. The stock hit a high of Rs 3,334 and a low of Rs 3,119 so far during the day. The stock had hit a record high of Rs 3,399 on 4 March 2015. The stock had hit a 52-week low of Rs 2,299.55 on 16 October 2014.

The large-cap cement company has equity capital of Rs 274.41 crore. Face value per share is Rs 10.

UltraTech Cement's profit before interest, depreciation and taxation (PBIDT) declined 1.08% to Rs 1282 crore in Q1 June 2015 over Q1 June 2014.

The scheme of arrangement between the company and Jaiprakash Associates (JAL) and their shareholders and creditors for acquisition of the cement units of JAL situated at Bela and Sidhi in Madhya Pradesh, having a capacity of 4.9 million tonnes per annum (MTPA) together with a thermal power generation capacity of 180 megawatts (MW) TPP has been approved by the shareholders and creditors of the company. The Competition Commission of India (CCI) has already approved the transaction, UltraTech Cement said. The transaction is now subject to approval from the high courts and getting all regulatory approvals, it added.

With regard to future business outlook, UltraTech Cement said that with the Government's focus on infrastructure development, housing sector, smart cities, roads etc., the company is positioned across the country to meet the expected rise in demand for cement and participate in the next phase of growth in the country.

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

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