Shares of UltraTech Cement have moved 4 per cent higher to Rs 4,152 per share on the BSE, after the company announced commissioning of a greenfield clinker capacity of 2.5 million tonnes per annum capacity (mtpa) at Manawar, Dhar, Madhya Pradesh (MP).
UltraTech has commissioned a cement grinding facility with a capacity of 1.75 mtpa along with an auto loading facility. Another cement grinding facility with a capacity of 1.75 mtpa as well as a waste heat recovery system of 13 MW capacity is under construction and both are expected to be completed before September, 2018.
This new plant will provide a strategic advantage to UltraTech for serving the growing cement demand from the state of Madhya Pradesh's main industrial belt - the Dewas-Ratlam-Pithampur-lndore sector. It will also help the Company to increase its market share in a fast growing market. The Company will enhance its presence in the North markets, by re-allocating its capacities suitably, UltraTech Cement said in a press release.
Buoyed by the development, stocks of the company were trading 3.07 per cent higher at Rs 4120 apiece on the Bombay Stock Exchange.
In a similar trend, shares of the firm were trading 3.37 per cent higher at Rs 4126.70 apiece on the National Stock Exchange.
Meanwhile, the broader benchmark BSE Sensex was trading at 34,392.71, up 61.03 points, or 0.18 per cent at 13:33 hours.