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BUZZ-India's UltraTech Cement extends gains after beating Q3 estimates

ReutersJan 23, 2025 8:47 AM

** Shares of UltraTech Cement ULTC.NS climb 4.3% to 11,151.80 rupees, set for fourth straight session of gains

** India's top cement maker beats Q3 profit and rev estimates, per LSEG, as strong volume growth outweighed a hit from weaker cement prices

** Stock was up 2.6% ahead of results

** Trading volume 2.5x the 30-day moving avg

** ULTC, rivals ACC ACC.NS, Ambuja Cements ABUJ.NS rated "buy" on avg, Dalmia Bharat DALB.NS rated "hold"- LSEG data

** DALB posted drop in Q3 results, while ACC, ABUJ will report results later this month

** In 2024, ULTC and ABUJ gained ~9% and ~3%, respectively

** ACC and DALB lost 7% and 22%, respectively, last year

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