UltraTech Cement’s stock saw a decline in early trading on April 5, with the company reporting the commissioning of a 100-MW solar energy project.
Despite the inauguration of a significant 100-MW solar energy project, UltraTech Cement faced a downturn in its share price early on April 5.
As the market opened at 9:28 AM, UltraTech Cement was trading at Rs 9,928.10 on the BSE, reflecting a decrease of Rs 78.50 or 0.78 percent.
In an official statement, the company announced the successful completion of the 100-MW solar energy project under the Group Captive scheme in Rajasthan. This marks UltraTech Cement’s maiden venture in sourcing power for its captive consumption from the inter-state transmission network.
The power generated from this project is slated to supply UltraTech Cement’s facilities across multiple states, including Rajasthan, Gujarat, Himachal Pradesh, Tamil Nadu, and Odisha.
With this addition, UltraTech Cement’s renewable power capacity now stands at an impressive 612 MW, complemented by 278 MW of Waste Heat Recovery Systems (WHRS).
Prior to this, on April 2, the company unveiled the commissioning of two greenfield projects in Chhattisgarh and Tamil Nadu, further expanding its total capacity to 151.6 million tonnes per annum (mtpa).
UltraTech Cement also revealed its ambitious investment plans, earmarking Rs 32,400 crore for capital expenditure over the next three years. Despite these developments, the market response was not entirely favorable, with UltraTech Cement shares experiencing a decline in early trading.
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