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Shares of UltraTech Cement hit a record high of Rs 8,219.95, up 4 per cent on the BSE in Monday’s intra-day trade on a strong demand outlook in an otherwise subdued market. In comparison, the S&P BSE Sensex was down 0.41 per cent at 59,856 points.
The stock of Aditya Birla Group Company surpassed its previous high of Rs 8,070.60 touched on September 4, 2021. In past two weeks, the stock has rallied 15 per cent from a level of Rs 7,147 on October 25.
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UltraTech Cement is witnessing strong demand from various infrastructure constructions such as highway construction, railways, metro rail, irrigation projects, airports and urban housing market in the Tier 2 and Tier 3 markets.
“Recovery in rural housing, higher MSP (minimum support price) for kharif corp; improved food grain production in rabi harvest; a third consecutive normal monsoon and pick-up in infrastructure-led construction activity are likely to drive cement demand off-take”, UltraTech Cement said while announcing September quarter results on October 18.
Stock Covered in the news
