UltraTech Cement, the country’s largest grey cement producer, has been on a roll. Over the past five quarters, the stock has gained 41% and its year-to-date performance, too, has been an impressive 21.6%, based on the August 2 closing price of Rs.4089.65. Incidentally, in course of the rally, the Kumar Mangalam Birla group-owned entity has seen its promoter offloading a fraction of the overall holding in the open market. In CY17, promoter entity, Turquoise Investment and Finance, offloaded around 3.05 lakh shares, worth Rs.124 crore, thus bringing