Indian benchmark indices experienced a notable downturn, wiping out the session’s initial gains and heading into negative territory. Among the hardest-hit sectors were consumer durables, utilities, power, and information technology, whereas BSE Auto and BSE Bankex registered modest gains. With 1,434 shares rising on the BSE and 1,777 shares declining, the advance-decline ratio remained in favour of declines.
UltraTech Cement Ltd, a prominent cement manufacturer, has inked a deal with India Cements Ltd. This agreement entails the purchase of 73.75 acres of land in the Vizianagram district of Andhra Pradesh, which includes the procurement of 14.53 acres, all for a total consideration of Rs 70 crore. In April of this year, the company embarked on a ground-breaking initiative to reduce carbon emissions. The company made the innovative decision to repurpose 57,000 metric tonnes of industrial waste for use in its cement plant.
Taking into account the company’s financial performance, on a consolidated basis, it reported a notable growth of 16.97% from Rs 15,163.98 crore registered in Q1FY23, recording total revenue of Rs 17,737.10 crore in Q1FY24. Compared to the same quarter last year, the net profit for the first quarter of FY24 grew 6.59%, from Rs 1,584.08 crore to Rs 1,688.45 crore.
UltraTech Cement Ltd serves as the cement flagship entity of the Aditya Birla Group. Not only is India’s largest producer of grey cement and ready-mix concrete (RMC), but it also holds a significant position in the white cement segment. Globally, it ranks as the third-largest cement manufacturer, excluding China. The company’s operational footprint extends to regions including the UAE, Bahrain and Sri Lanka.
Shares of the company have recently touched a 52-week high, reaching Rs 8,750, and are currently trading at Rs 8,220 per share on the BSE.
Keep a close eye on this stock for the upcoming sessions!
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.