UltraTech Cemco rises on 'buy' call

DALAL STREET SPIKES

UltraTech Cemco has gained rapidly over the past few days on sustained buying.

The stock today gained 7.11 per cent on strong volumes of more than 11.13 lakh shares on the Bombay Stock Exchange (BSE) on Thursday. The stock has now appreciated more than 17 per cent over the last two trading sessions.

Market sources said a buy call from leading foreign as well as domestic brokerage firms resulted in smart gains at the counter of late. UltraTech was formed following the separation of the cement division of L&T. The A V Birla group took control of UltraTech in recent months.

A head of research with a domestic brokerage firm said, " The cement sector is poised for growth considering the huge infrastructure projects under consideration. The second-rung cement companies look poised for growth in the coming quarters on back of strong demand and stable prices at higher levels."