UltraTech Cement erases early gains

UltraTech Cement shares fell over a percent intraday after erasing opening gains. The stock gained over a percent in early trade after CLSA upgraded the stock to buy from outperform. The research house also raised price target by 12 percent to Rs 5,025 from Rs 4,500 a share, implying 20 percent potential upside from current levels. The stock was quoting at Rs 4,160.50, down Rs 26.05, or 0.62 percent on the BSE, at 10:31 hours IST. "Better cement pricing improved outlook," the investment firm said, adding better pricing & stable costs will drive recovery in unit margins.