Share prices of UltraTech Cement gained over 2 percent intraday on October 22 after the company had reported net profit which was up 2.3 percent at Rs 639 crore.
The profit after tax (PAT) jumped 72 percent year-on-year (YoY) to Rs 639 crore against Rs 371 crore profit in the same quarter last year. The top line of the cement maker grew 5 percent YoY to Rs 9,129 crore from Rs 8,710 crore, it said in a BSE filing.
Earnings before interest, tax, depreciation and amortization (EBITDA) rose 29 percent YoY to Rs 1,995 crore from Rs 1,544 crore in the year-ago quarter.
The company on October 21 said it had plans to invest Rs 940 crore to increase the production of premium products for strengthening its position in eastern markets. The board of the Aditya Birla group has approved expansion of grinding capacities in Bihar and West Bengal and to open a grinding unit in Odisha.
"The board at its meeting held today approved capex of Rs 940 crore for making premium products with an increase in its grinding capacities in Bihar and West Bengal by 0.6 mtpa (million tonne per annum) each and a new grinding unit of 2.2 million tonne in Odisha," UltraTech said in a statement.
The stock has gained 11 percent in the last one month.At 09:38 hrs, UltraTech Cement was quoting at Rs 4,343.85, up Rs 48.35, or 1.13 percent. It has touched an intraday high of Rs 4,405.45 and an intraday low of Rs 4,282.70.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.