Page 9 - Tech Cement News Today

UltraTech Cement: It has received an order from Assistant Commissioner, Bathinda, for a demand of "Rs 25.11 lakh together with interest and penalty, alleging that the ISD (Input Service Distributor) credit not reflected" in the statement of FY18, the Aditya Birla Group firm said in a regulatory filing on Friday.

​Shares of major cement producers outperformed the broader market this week on prospects of robust volume growth and improved profitability due to lower input costs in the second half of the current fiscal.

Consensus sentiment around HDFC Bank and the entire BFSI pack remains positive, somewhat different from what it was at the beginning of the year

JSW Steel, NTPC, Power Grid, Bajaj Finserv, HDFC Bank, ITC, Nestle and Tata Steel were the major gainers

Rallying for the fifth day running, the 30-share BSE Sensex jumped 322.08 points to reach its new lifetime peak of 72,360.51 in early trade. The Nifty climbed 90.85 points to reach its all-time high of 21,745.60.

Following the upgrades, Ultratech shares jumped 3.5% to hit a 52-week high of Rs 10,379.70 on BSE. Dalmia Bharat stock rose 3% to Rs 2,301.70, while that of The Ramco Cements went up by 5% to Rs 1,037.45. Shree Cement was also trading about 1% higher.

When the stock prices move up and open interest on the counter also moves upward, it is taken as a sign of a long buildup. The signal is considered more reliable if the volume on the counter has also seen an increase.

Major brokerage firm, Nomura, recently upgraded several cement stocks, notably UltraTech Cement, Dalmia Bharat, Ramco Cements

Indias cement industry showed robust volume growth of 17 percent year-on-year in the first half of FY24. The momentum is expected to persist in the second half, anticipating an 11 percent increase in sales volumes from the first half and a 13 percent year-on-year surge, Nomura said.

UltraTech Cement ended over 4% higher, along with other cement stocks, after Nomura upgraded the sectoral outlook. Among bluechips, Hindalco and Bajaj Auto ended 4% higher while heavyweight HDFC Bank advanced 1%. The combined market capitalisation of all BSE-listed stocks rose by Rs 2.5 lakh crore to Rs 361.4 lakh crore.