UltraTech Cement rose 4.8% to Rs 5790.70 after the company reported 122.8% surge in consolidated net profit to Rs 1584.58 crore on 17.4% increase in net sales to Rs 12,254.12 crore in Q3 December 2019.Profit before tax surged 133.8% to Rs 2331.98 crore in Q3 December 2020 over Q3 December 2019. Current tax expense soared to Rs 408.92 crore in Q3 December 2020 as against Rs 165.3 crore in Q3 December 2019.
EBITDA jumped 57% to Rs 3362 crore in Q3 December 2020 from Rs 2147 crore recorded in Q3 December 2019. EBITDA margin improved by 700 basis points to 28% in Q3 December 2020 from Rs 21% in Q3 December 2019.
UltraTech said recovery from COVID-19 led disruption has been rapid and this has fuelled by quicker demand stabilization, supply side restoration and greater cost efficiencies.
Ultratech Cement rallied 4.50% to Rs 5,375.15, extending gains for the sixth consecutive session.
Shares of Ultratech Cement jumped 7.25% in six trading sessions from a recent closing low of Rs 5,011.55 on 21 December 2020.
On the technical front, the stock s RSI (relative strength index) stood at 68.546. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading above its 50-day moving average (DMA) placed at 4,857.61 and its 200-day moving average (DMA) placed at 4,051.46.
Ultratech Cement s consolidated net profit surged 113.5% to Rs 1,235.11 crore on 7.6% rise in net sales to Rs 10,354.21 crore in Q2 September 2020 over Q2 September 2019.
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Bamburi Cement has launched an innovative and green construction project in Kenya dubbed “Houses of Tomorrow’ (HoT) in a bid to fulfil its sustainable construction agenda through low-carbon based building solutions.
The project involves careful selection, design and use of materials which leverage low carbon standards in the overall construction, and especially application of near zero embodied energy concrete designed by incorporating low carbon content cement. Some of the cement products to be used for this construction project feature a mix of Bamburi Cement’s products Powermax and Nguvu pozzolanic cements for concrete works. Fundi masonry cement, a low carbon cement, will also be used for mortar and plaster works.