India's UltraTech Cement falls, drags sector on weak Q3 sales growth

India Cements

02/01/2024 07:13

** Shares of UltraTech Cement  ULTC.NS  fall 2.5% and are
the second-biggest loser on Nifty 50  .NSEI 
    ** India's top cement maker reports 6% YOY growth in Q3
sales volume and 2% QoQ growth
    ** That's noticeably weaker than the 18% growth over Q1 and
Q2, says Axis Capital
    ** Brokerage says demand softened due to assembly elections
in some states and flooding in Tamil Nadu
    ** Shree Cement  SHCM.NS , Ambuja Cement  ABUJ.NS , JK
Lakshmi  JKLC.NS , Dalmia Bharat  DALB.NS , Ramco Cement
 TRCE.NS , India Cements  ICMN.NS  down 1%-2%
    ** ULTC rose 51% last year, the most among cement stocks

 (Reporting by Sethuraman NR in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))