UltraTech Cement shares jump more than 6 percent on venture plan

On Friday, shares of UltraTech Cement zoomed over 6 percent after the firm announced an investment plan worth Rs 5,477 crore. The stock gained 6.21 percent to a one-year high of Rs 5,196.30 on the BSE and at the NSE, it gained 6.24 percent to Rs 5,199.

On Thursday, UltraTech announced a Rs 5,477 crore investment to add 12.8 million tonnes capacity, taking its overall output to over 136 MT per annum. Additionally, the company said the meeting had approved a capacity expansion to the tune of 12.8 MT per annum with a mix of brown-field and green-field expansion.

After completion of the last round of expansion, UltraTech’s capacity will grow to 136.25 MT per annum. This will also reinforce its position as the third-largest cement company in the world, excluding China.

The company said, “The additional capacity will be created in the fast-growing markets of the eastern, central, and northern regions.”

This expansion includes the cement plant at Pali in Rajasthan, in addition to the existing 6.7 MT per annum capacity expansion currently underway in UP, Odisha, Bihar, and Bengal.

The company added, the expansion will get commissioned by FY22, in a phased manner.

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