UltraTech Market Cap Surpasses Rs 3 Lakh Crore As Shares Hit All-Time High
The stock rose as much as 4.51% during the day to Rs 10,470 apiece on the NSE.
UltraTech Cement Ltd.'s market capitalisation crossed the Rs 3 lakh crore mark as its shares hit an all-time high on Wednesday after Nomura Holdings Inc. upgraded its stock to 'buy' from 'neutral'.
The brokerage also raised its target price to Rs 11,500, citing higher sales volume growth and better realizations. "We raised FY26 sales volume by 4% on likely better utilisation from core markets. This should lead to better fixed cost absorption, resulting in unitary Ebitda expansion," it said in a note.
Nomura also raised its FY25 trade price estimates for the industry, largely driven by the recent pricing discipline trend in the industry amid record volume growth and price improvement.
The company's market value hit Rs 3.01 lakh crore, while its scrip rose as much as 4.51% during the day to Rs 10,470 apiece on the NSE. It pared gains to close 4.1% higher at Rs 10.436.1 per share, compared to a 1% advance in the benchmark Nifty 50.
The company's market value hit Rs 3.01 lakh crore, while its stock rose as much as 4.51% during the day to Rs 10,470 apiece on the NSE. It pared gains to close 4.1% higher at Rs 10.436.1 per share, compared to a 1% advance in the benchmark Nifty 50.
The company's market cap crossed the Rs 1 lakh crore mark on July 25, 2016, and Rs 2 lakh crore on March 23, 2021.
The shares crossed the Rs 10,000 mark on Dec. 13 and it has surged 49.72% on a year-to-date basis.
Thirty-two out of the 43 analysts tracking the company have a 'buy' rating on the stock, nine recommend 'hold' and two suggest 'sell,' according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 10.5%.
