Stock market crash: Analysts flag October rate hike fears, low liquidity, high oil prices, persistent FIIs selling and a long-weekend as some of the key reasons for the market fall on Thursday.
Cement capacity additions are expected to outpace demand growth in FY27 and FY28, potentially lowering utilisation and putting pressure on prices in some regions
Mayank Jain of Share.Market by PhonePe flags key support and resistance levels for wires & cables stocks - Polycab, Havells India and KEI amid market correction post UltraTech's 'Ultravolt' launch.
UltraTech Cement, Dalmia Bharat, JK Cement and India Cements were down between 1 per cent and 3 per cent in Friday's intra-day deals.
When a stock becomes oversold, it does not automatically mean it is a good time to buy, cautions Pabitro Mukherjee, Deputy Vice President-Research at Bajaj Broking.
Brokerages believe the positioning appears more aggressive than initially envisaged, also tallying with Grasim's rollout in paints, and could add materially to UltraTech's FY30 revenue.
Nuvama said UltraTech's scale ambition could intensify industry competition and its aggressive posturing on capacity, portfolio, and distribution could drive an interim de-rating for C&W industry
Aditya Birla Group forayed into the wires and cables market with an investment of ₹1,800 crore. The new business will operate through its cement arm UltraTech Cement, under the Ultravolt brand.
At 12:07 PM on Wednesday, the Nifty Cement index was up 1.3 per cent at 15,057.10, compared to a 0.24 per cent decline in the NSE benchmark Nifty 50.
Pilani Investment sold a 0.85 per cent stake in UltraTech Cement for Rs 2,896.3 crore, while Thyrocare promoter Docon Technologies sold a 9.9 per cent stake.
According to reports, Pilani Investment and Industries Corporation one of the promoters planned to sell a stake via block deal in UltraTech Cement on Thursday.
While several firms have responded with calibrated price increases to protect margins, many signalled that further price escalations could follow
Leading cement makers recorded 7-8 per cent volume growth in Q1FY27, but higher fuel, packaging and other input costs offset price gains and weighed on profitability
It is targeting ₹1,500 crore each in the shorter two tranches at annual coupons of 7.22 per cent and 7.23 per cent, respectively, and ₹2,000 crore in the five-year tranche at 7.25 per cent
The cement major will issue up to 500,000 unsecured, listed and redeemable debentures through private placement as it advances a ₹17,000 crore capacity expansion plan
UltraTech Cement on Thursday said it is planning to raise up to Rs 5,000 crore through issuance of non-convertible debentures (NCDs) on a private placement basis. The Finance Committee of the board approved a proposal to raise funds by issuance of up to 5,00,000 non-convertible, non-cumulative debentures of Rs 1,00,000 each, it said in a BSE filing. Further details regarding the tenure, coupon rate and timeline of the tranches are awaited. Earlier this week, UltraTech Cement reported a jump of 17.23 per cent in June quarter consolidated net profit at Rs 2,603.72 crore and 15.85 per cent rise in revenue from operations at Rs 24,648.20 crore. UltraTech leads the cement industry with a total grey cement capacity of 205.5 MTPA and white cement/putty capacity of 3.2 MTPA. It is also planning to foray into the cables and wires business this fiscal.
Muthuselvaraj M, technical research analyst, Mirae Asset Sharekhan believes that UltraTech Cement stock can gain in the short- to medium-term as momentum indicators are showing strength on the chart.
UltraTech Cement reported a 16.8 per cent increase in net profit for the first quarter to ₹2,599.3 on a year-on-year basis. Revenue for the quarter was up 15.9 per cent to ₹24,648.20 crore.
According to Motilal Oswal, the cement sector presents an improving medium-term outlook and opportunities for investors
Q1FY27 company results: Firms including Indian Overseas Bank, Sobha, Mahindra Logistics, Canara HSBC Life Insurance Company, and Rallis India are also to release their April-June earnings today