UltraTech Cement shares down on earnings

Mon Jan 21, 2013 12:35pm IST

1 of 2. A labourer carries a cement bag before loading it onto a truck at a railway goods yard on the outskirts of Ahmedabad June 1, 2012.

Credit: Reuters/Amit Dave/Files

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Reuters Market Eye - Shares in UltraTech Cement(ULTC.NS) fell 2 percent after the cement maker reported a 3 percent fall in October-December net profit at 6 billion rupees on Saturday.

UltraTech continues to struggle with capacity utilization and no volume growth, Kotak Securities said in a note, even as market consensus is for higher volumes growth from expanded capacities in the sector by fiscal 2014.

Other cement players fall: ACC Ltd (ACC.NS) declines 1.35 percent, Ambuja Cements Ltd (ABUJ.NS) retreats 2 percent.

Cement makers have been hit by concerns about rising operating costs as the government last week said bulk buyers would pay market rates for diesel.

(Reporting by Manoj Dharra)

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