UltraTech Cement stock price up by more than 2% today

29 Apr 2024 , 01:49 PM

UltraTech Cement’s stock price rose by 2% to ₹9,903 during trading hours on April 29, ahead of the company’s fourth-quarter results announcement later in the day today.

At the time of writing, the stock was trading at ₹9,892 on the NSE, reflecting a 1.97% increase from the previous day’s close. In the last one year UltraTech Cement’s share price has increased by 32.66%, and has declined 5.47% since the beginning of the year.

India’s largest cement manufacturer is expected to report strong Q4 earnings compared to the previous year and sequentially, driven by robust volume growth amid improving demand. However, operational metrics such as EBITDA per tonne may be impacted by lower cement prices during the period.

The cement sector faced challenges at the beginning of the quarter, with harsh winters in the North and festivities in the South affecting demand. The Eastern region encountered fiscal difficulties but showed signs of recovery towards the end of the quarter. Cement prices were under pressure in Q4FY24 due to reversed price hikes amid subdued demand, with hikes initiated in September-October 2023 being largely reversed in recent months.

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