Shares of UltraTech Cement Ltd. hit an intraday high of 1.82% in early trade on Wednesday, leading the company's share price to cross the Rs 10,000 mark to hit Rs 10,042.95 apiece.
The company's market capitalisation reached Rs 2.89 lakh crore to an all-time high price.
The stock is up 38% year-to-date and has already crossed Bloomberg's 12-month consensus price target of Rs 9,382.54 per share.
Latest Developments
The third largest cement producer in the world, outside of China, reached a total capacity of 149.14 million tonnes per annum after acquiring Kesoram Industries Ltd.'s cement assets for a total consideration of Rs 5,379 crore.
Kesoram's cement business consisted two integrated cement units, with a total capacity of 10.75 mtpa. The transaction was in line with the company's stated goal of 200 MTPA cement capacity in India.
Green Energy Goal
UltraTech Cement also announced its plans to increase the overall share of green energy in its total energy mix to 85% by 2030 on Wednesday.
"As an interim target, UltraTech plans to increase its total green energy share threefold from its current 22% to 60% by FY26," stated the official release on the company's website.
"As the largest cement company in the country, it is our responsibility to lead the way in building a more sustainable and green future for the industry. Green energy is a key enabler of decarbonisation," said KC Jhanwar, managing director of UltraTech Cement.
The company also targets to meet 100% of its electricity requirement through renewable sources by 2050. To boost the share of green energy in the overall energy mix, UltraTech has implemented several initiatives, including switching to renewable energy sources and expanding Waste Heat Recovery Systems.
Currently, the company has 691 MW of green energy capacity, which includes 262 MW of WHRS installed capacity and 429 MW of contracted renewable energy. Cumulatively, this translates to about 22% of UltraTech’s current energy requirements.
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