UltraTech Cement shares down on earnings

Shares in UltraTech Cement fell 2 per cent after the cement maker reported a 3 per cent fall in October-December net profit at Rs 600 crore on Saturday.

UltraTech continues to struggle with capacity utilization and no volume growth, Kotak Securities said in a note, even as market consensus is for higher volumes growth from expanded capacities in the sector by fiscal 2014.

ACC declined 1.35 per cent while Ambuja Cements retreated 2 per cent.

Cement makers have been hit by concerns about rising operating costs as the government last week said bulk buyers would pay market rates for diesel.

Copyright Thomson Reuters 2013