UltraTech Cement shares down on earnings
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)
- Tweet this
- Share this
- Digg this
India could allow commercial coal mining by foreign companies if they set up units in the country, opening the door for global giants like Rio Tinto to access the world's fifth largest coal reserves, a source familiar with the matter said. Full Article