26 Mar , 2024 By : Debdeep Gupta
UltraTech Cement trades lower despite adding 1-MTPA brownfield capacity in Uttarakhand
UltraTech Cement: With this commissioning, the company’s total grey cement manufacturing capacity in India now stands augmented to 138.39 mtpa.
Shares of UltraTech Cement traded marginally lower in the opening hours of March 26 after the company announced the commissioning of a 1-MTPA brownfield cement capacity at Roorkee, Uttarakhand. The addition has raised the unit’s capacity to 2.1 million tonnes per annum (MTPA).
At 9:1am, UltraTech Cement was quoting Rs 9,640.05, down Rs 46.50, or 0.48 percent, on the BSE.
With this commissioning, the company’s total grey cement manufacturing capacity in India now stands augmented to 138.39 MTPA.
Foreign research firm HSBC in its latest report retained the 'buy' call on UltraTech Cement and cut the price target to around Rs 10,900 per share.
On March 20, the Competition Commission of India (CCI) approved the company's proposed acquisition of Kesoram Cement business from Kesoram Industries.
"The proposed combination relates to the acquisition of the grey cement business of Kesoram Industries Limited by UltraTech Cement Ltd under a composite scheme of arrangement dated November 30, 2023," the company said in a regulatory filing.
UltraTech Cement posted a 67 percent surge in net profit in the third quarter of FY24 at Rs 1,774.78 crore.
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