UltraTech Cement shares down on earnings

Last Updated: Mon, Jan 21, 2013 06:40 hrs

Reuters Market Eye - Shares in UltraTech Cement 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 declines 1.35 percent, Ambuja Cements Ltd 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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