look news india
New Delhi, 15 November (HS). Aditya Birla Group’s flagship company UltraTech Cement plans to raise Rs 3,000 crore through non-convertible debentures (NCDs) through private placement. The Finance Committee of the company has approved the proposal to issue unsecured and listed non-convertible debentures. The company wants to strengthen its financial position by raising Rs 3,000 crore through NCDs.
UltraTech Cement’s financial performance in the second quarter of the current financial year has been comparatively weak. During the quarter ended September, the company’s net profit declined by 36 percent to Rs 825 crore. The company’s revenue also declined by two percent in this quarter to Rs 15,635 crore. Despite the sluggishness in the market during the second quarter, UltraTech Cement has registered a growth of approximately 3 percent on an annual basis in domestic sales volumes.
However, if we look at the company’s performance in the stock market, in the last one year, the shares of UltraTech have registered a rise of about 22 percent, due to which the shares have currently reached the level of Rs 10,720. In this period of one year, the pace of UltraTech Cement’s stock has been faster than the pace of Nifty, which has registered a rise of 20 percent so far.