UltraTech Cement share price gains on capacity expansion

The total grey cement manufacturing capacity in India now stands at 129.15 mtpa.

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Shares of UltraTech Cement gained in early trade on April 20 after the company increased its manufacturing capacity.

UltraTech Cement raised the capacity at its grinding unit at Patliputra, Bihar, to 4.7 mtpa with the successful commissioning of its 2.2 mtpa brownfield expansion.

This additional capacity will help the company service the fast-growing cement demand in the East and will also help to increase its blended cement ratio.

The total grey cement manufacturing capacity in India now stands at 129.15 mtpa, the company said.

Under the phase one expansion, the company had aimed to add 19.9 MT capacity taking the total to 131.25 MTPA. We expect 2.25 MT capacity to be added in Q1FY24E, said ICICIdirect.

In phase two of the expansion, the company would take its overall capacity to 154 MT by FY25E. These new organic capacities are being added at lower capital costs (US$60/t for phase I, $76/tonne for phase II), which will boost return ratios, going forward, it added.

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A meeting of the board of directors of the company will be held on April 28 to consider and approve the standalone and consolidated audited financial results of the company, and recommend dividend, if any, on the equity shares of the company for FY23.

At 9:23am, UltraTech Cement was quoting at Rs 7,557.10, up Rs 39.95, or 0.53 percent, on the BSE.

The share touched a 52-week high of Rs 7,824.65 and a 52-week low of Rs 5,158.05 on April 17, 2023 and June 17, 2022.It is now trading 3.42 percent below its 52-week high and 46.51 percent above its 52-week low.

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