UltraTech Cement Ltd has crossed the market cap of ₹3 lakh crore for the first time on Wednesday (December 27). With this, UltraTech Cement has become the 20th largest company in India.
Shares of UltraTech Cement today closed at Rs 10,469.95 with a gain of 4.50%. It has also been included in the top gainers of Nifty-50. UltraTech Cement shares also hit an all-time high and 52-week high of Rs 10,470 during trading. With this, the market capitalization of the company has also increased to Rs 3.01 lakh crore.
Apart from UltraTech Cement, a strong rally was seen in all the cement stocks today. Brokerage firm Nomura expects strong volume growth in cement stocks and has also increased the target price. This is the reason why many cement stocks saw a rise today.
The brokerage house has upgraded the rating of UltraTech Cement from 'neutral' to 'buy'. This firm has also given a target price of Rs 11,500 for the stock. India's cement industry has recorded a strong volume growth of 17% year-on-year in H1FY24.
Nomura said this momentum is expected to continue in the second half. During this period, sales volume is expected to increase by 11% in the first half and by 13% annually. The brokerage has changed its estimate for industry volume growth for FY24 to 12%, which was earlier 8%.
In the last one month, shares of UltraTech Cement have increased by about 20%. At the same time, it has given a return of 26% in the last 6 months. The company's shares have risen 49% so far this year. In the last three years, the company has given returns of 104% to its investors.