UltraTech Cement, on Friday, joined the elite club of companies with Rs 2-trillion market capitalisation (market-cap) on the BSE after the company s stock price rose 2.5 per cent and hit a new high of Rs 6,946 in intra-day trade. The stock has rallied 14 per cent in the current week, on robust demand and price hike reports.
With the market-cap of Rs 2 trillion, at 10:19 am, UltraTech Cement became the first cement company to join the elite group of companies. In the past six months, the stock has outperformed the market by zooming 77 per cent, as compared to 32 per cent surge in the S&P BSE Sensex.
Read more about Cement shares in demand; UltraTech, Ambuja, Ramco Cement hit new highs on Business Standard. Following around 10 per cent YoY growth in volumes in Q3FY21, Motilal Oswal Securities expects the sector s volumes to grow around 20 per cent YoY in Q4FY21
Read more about UltraTech Cement jumps 5%, hits new high on solid December quarter results on Business Standard. The company s net profit more than doubled to Rs 1,584 crore in the quarter ended December 31, 2020
UltraTech’s sizzling Q3 makes analysts project strong stock gains
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Analysts expect the cement giant to benefit the most from the rebound in domestic demand given that the effects of COVID-19 pandemic are steadily fading to the background.
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Goldman Sachs, DAM Capital and Haitong Securities have raised their price targets by 10-14 per cent for UltraTech Cement.
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MUMBAI: Analysts were enthusiastic about the prospects for UltraTech Cement’s stock after the company reported strong earnings growth for the quarter ended December. Analysts expect the cement giant to benefit the most from the rebound in domestic demand given that the effects of COVID-19 pandemic are steadily fading to the background.