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)
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