Today, Ultratech Cement stated that there is a YOY rise of 108.6 percent in net profit. Standalone profit stood at Rs. 1,681 crore for the quarter ended June 2021 and was above expectations.
Earlier in the quarter ended June 2020, net profits decline by 38 percent and stood at Rs. 796.31 crore. Thus, the net profit just got doubled from the corresponding quarter of the previous year.
The pandemic has adversely crushed cement consumption both in urban and rural areas. But since 2021, steady ease of lockdowns results in a bit of normalcy. Consequently, construction activities are stepping forward. Thus, likely to be optimistic about the financial and operational resources.
The company also stated that its extension program is all set and ready to accomplish within a specified period of time.
Technical Levels; Last close 7459
Ultratech has support at 7290 and resistance at 7550.
Decisive break and close below 7290 will take it to 7180—7120 and then to 6980.
Fresh buying we will do on a close above 7550 levels only.