Wires and cables sector: UltraTech Cement’s big announcement drags stock by 6%, Mcap down over ₹15,800 crore | Stock Market News
Source: Live Mint
Shares of Ultratech Cement on Thursday dropped 5 per cent after the firm announced its entry into the wires and cables segment with an investment of ₹1,800 crore to set up a plant in Gujarat.
The stock tanked 4.99 per cent to settle at ₹10,420.65 on the BSE. Intra-day, it slumped 6.39 per cent to ₹10,266.60.
At the NSE, it declined 4.68 per cent to ₹10,450.
The company’s market valuation diminished by ₹15,811.8 crore to ₹3,00,847.41 crore.
The stock emerged as the biggest laggard among the Sensex and Nifty firms.
Ultratech Cement on Tuesday announced its entry into the wires and cables segment and will invest ₹1,800 crore to set up a plant in Gujarat over the next two years as part of plans to expand its footprint in the construction value chain.
The plant will be set up near Bharuch in Gujarat and is expected to be commissioned by December 2026, according to a statement from UltraTech Cement.
The board of the Aditya Birla Group firm on Tuesday approved the proposal to extend its footprint in the construction value chain, through its Building Products Division.
This is in accordance with the “company’s strategy to strengthen its position as a comprehensive Building Solutions provider,” said UltraTech.
Last year, Aditya Birla Group entered into the decorative paints segment by launching the brand Birla Opus.
