Shares of Ultratech Cement Limited are off the day's lows now after the company reported fairly impressive results.
The stock, which opened on a positive note and advanced to Rs 4069.55, turned direction soon thereafter and gradually dropped down to Rs 3965 in early afternoon trades today. Now, with the company reporting good numbers for the second quarter, the stock is finding support at lower levels.
The stock is currently trading at Rs 4021, down 0.4% from its previous closing price.
UltraTech Cement Ltd reported standalone net profit of Rs 601.05 crore for the quarter ended September 30, 2016 as compared to Rs 457.41 crore for the quarter ended September 30, 2015. Total income, however, was lower at Rs 6368.13 crore, compared to Rs 6471.87 crore in the corresponding quarter last year.
On consolidated basis, Ultratech Group posted a net profit of Rs 614.30 crore for the quarter ended September 30, 2016 as compared to Rs 490.39 crore for the quarter ended September 30, 2015.
Volume growth of cement companies may be somewhat subdued in the second quarter. But, most of the top players in the cement sector are likely to report fairly good numbers for the quarter, as low costs of fuel and power, and steady cement prices are expected to boost their revenue.