UltraTech Cement shares hit record high post Q1 business update

UltraTech Cement share price: Shares of UltraTech Cement hit a record high of Rs 8,499.70 apiece on the BSE on July 3 after the company shared its business update for the quarter ended June 30, 2023. The stock hit an all-time high of Rs 8,499.70 on the BSE in the early trade. At the time of writing this news, the scrip was trading at Rs 8,425 on the BSE, up 1.60 per cent. 

In its Q1FY24 business update, the company said its total sales of grey cement increased 20 per cent YoY to 28.60 million tonnes while White Cement's sales volume increased by 12 per cent YoY to 0.41 million tonnes. The total sales volume for India stood at 29.01 million tonnes, up 20 per cent YoY. Grey Cement: Overseas volumes rose by 11 per cent YoY to 1.04 million tonnes. 

The total consolidated sales volume of the company for the quarter stood at 29.96 million tonnes, up 20 per cent YoY.

Source: Exchange filing

Post the Q1 business update, InCred Equities said, "We currently have an ADD rating on the stock with a target price of Rs 8,530. Ultratech remains one of our top picks in the large-cap space, given the visibility on volume and strong cost-control efforts. At CMP, the stock is currently trading at 15.2x EV/EBITDA and US$191 EV/t on our FY25F estimates."