UltraTech Cement shares erase early gains; close 3 pc lower

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New Delhi, Jan 25 (PTI) Shares of UltraTech Cement on Monday erased early gains and closed 3 per cent lower on the emergence of profit-taking.

The stock, which jumped 5.40 per cent to a one-year high of Rs 5,829.90 during the day on the BSE on encouraging results, later closed at Rs 5,363.25, lower by 3.04 per cent.

On the NSE, it declined 2.94 per cent to close at Rs 5,371.95.

Aditya Birla group firm UltraTech Cement on Saturday reported over two-fold jump in consolidated net profit at Rs 1,584.58 crore in the December quarter.

The leading cement producer had posted a net profit of Rs 711.17 crore in the October-December quarter a year ago, UltraTech Cement said in a BSE filing.

Its revenue from operations stood at Rs 12,254.12 crore, up 17.38 per cent, during the quarter under review as against Rs 10,439.34 crore in the corresponding period of the last fiscal.

UltraTech Cement's total expenses were at Rs 10,190.03 crore in the third quarter of the financial year 2020-21, as against Rs 9,611.08 crore, down 6.29 per cent.

During the quarter, it had a volume growth of 14 per cent to 22.82 million tonnes, it said.

'Recovery from the COVID-19 led to the disruption of the economy. This has been fuelled by quicker demand stabilisation, supply-side restoration and greater cost efficiencies,' UltraTech Cement said in a post earning statement. PTI SUM SHW SHW