Markets await Ultra Tech’s listing

Stock markets are anxiously waiting for the listing of AV Birla group’s Ultra Tech Cemco, the new cement company carved out of Larsen & Toubro. It is yet to be listed on the stock exchanges, though the open offer was completed two months ago.

Brokers said the listing of Ultra Tech Cemco was delayed as the listing procedure for this company was very complex as it was carved out of an existing company and then re-listed. But marketmen are expecting the stock to be listed at a discount. ‘‘We are expecting the company to be listed between Rs 320 to Rs 340,’’ says a Mumbai-based cement analyst.

The AV Birla group made the open offer at Rs 342 per share and the offer closed in the third week of June. Stock markets are now in bear territory.

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A senior Grasim official said the stock exchanges have cleared the listing application. ‘‘We were waiting for a letter… which has arrived now,’’ the official said.

Ultra Tech CemCo has reported a net profit of Rs 38.8 crore for 2003-04 on the back of net sales of Rs 2,262 crore.