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Published on 13/10/2021 2:00:13 PM | Source: Accord Fintech

UltraTech Cement jumps on signing non-binding MoU with PRESPL

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Ultratech Cement is currently trading at Rs. 7386.05, up by 133.70 points or 1.84% from its previous closing of Rs. 7252.35 on the BSE.

The scrip opened at Rs. 7300.00 and has touched a high and low of Rs. 7386.05 and Rs. 7257.50 respectively. So far 6465 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 8070.60 on 08-Sep-2021 and a 52 week low of Rs. 4300.00 on 13-Oct-2020.

Last one week high and low of the scrip stood at Rs. 7458.30 and Rs. 7190.00 respectively. The current market cap of the company is Rs. 211786.77 crore.

The promoters holding in the company stood at 59.96%, while Institutions and Non-Institutions held 31.04% and 8.48% respectively.

UltraTech Cement has signed non-binding memorandum of understanding (MoU) with Punjab Renewable Energy Systems (PRESPL), India’s largest biomass aggregation and densification company with forward integrated value chain. The MoU is part of UltraTech’s endeavor to decarbonize its operations and aims to significantly scale-up the use of biomass in place of fossil fuel like coal in UltraTech’s manufacturing operations.

Under the agreement, PRESPL will leverage its technological expertise to replace coalbased systems with biomass-based processes. PRESPL will execute the biomass-based projects at three of UltraTech’s units. Cumulatively, implementation of these three projects is estimated to generate annual carbon savings of over 150 thousand tonnes of CO2. As part of this agreement, PRESPL will also build a sustainable supply chain of agricultural waste to be utilized as biomass energy in the kilns of UltraTech’s integrated units. This biomass-based fuel model helps to safely dispose agri-residue, which is currently burnt in open fields, thus helping reduce Scope 1 and Scope 2 emissions. Higher usage of agriresidue in cement kilns, will also augment income for farmers, while reducing the country’s dependency on coal imports.

UltraTech Cement is the largest manufacturer of grey cement, ready mix concrete (RMC) and white cement in India.

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