Ultratech & India Cements Shares Surge After Report Of Former's 23% Stake Purchase Emerge

Ultratech & India Cements Shares Surge After Report Of Former's 23% Stake Purchase Emerge

According to various reports, the Mumbai-based company is set to buy a major stake of 23 per cent in Tamil Nadu-based India Cements. The Chennai-based company, which also owns the IPL team Chennai Super Kings, is a major player in the southern market, with a revenue of over Rs 4,000 crore.

Juviraj AnchilUpdated: Thursday, June 27, 2024, 11:30 AM IST
article-image
Image: UltraTech (Representative)

The cement battle in one of the largest developing nations is getting tighter as the race is now narrowing down to a few major players. In a recent development, Aditya Birla Group-owned Ultratech Cements gained a major 4.59 per cent or Rs 511.85, taking the overall value to Rs 11,553.55.

This jump came to pass after reports that Ultratech making a major market move came to pass.

According to various reports, the Mumbai-based company is set to buy a major stake of 23 per cent in Tamil Nadu-based India Cements. The Chennai-based company, which also owns the IPL team Chennai Super Kings, is a major player in the southern market, with a revenue of over Rs 4,000 crore.

According to various reports, the Mumbai-based company is set to buy a major stake of 23 per cent in Tamil Nadu-based India Cements. The Chennai-based company, which also owns the IPL team Chennai Super Kings, is a major player in the southern market, with a revenue of over Rs 4,000 crore. | (Photo: birlacorporation.com)

India Cements and Ultratech Make Gains

According to various reports, the Mumbai-based company is set to buy a major stake of 23 per cent in Tamil Nadu-based India Cements. The Chennai-based company, which also owns the IPL team Chennai Super Kings, is a major player in the southern market, with a revenue of over Rs 4,000 crore.

This could help Ultratech expand its footprint in southern India. This comes at a crucial time, as on the other end of the cement spectrum, Adani Group has been consolidating its position with its acquisition of ACC and Ambuja Cements in the recent past.

And it is not just Ultratech Cements that has had a good day so far at the equity markets. India Cements also gained close to 10 per cent since the beginning of the day before dropping marginally to take gains of 8.58 per cent or Rs 22.54, taking the cumulative value of Rs 285.16 per share at 11:08 IST.

It is not just these cement companies that saw their shares surge; in addition, other aforementioned names also appear to be rallying in green on a day when the markets have scaled historic highs.

It is not just these cement companies that saw their shares surge; in addition, other aforementioned names also appear to be rallying in green on a day when the markets have scaled historic highs. | Representational Image

Cement Sector See Large Gains

This could indicate investors and their vision of the potential of the company, the future prospects of India Cements and the direction that it could take after the deal is brought to fruition in the coming time.

It is not just these cement companies that saw their shares surge; in addition, other aforementioned names also appear to be rallying in green on a day when the markets have scaled historic highs.

The aforementioned ACC Cements also jumped 1.88 per cent or Rs 48.80, taking the overall value to Rs 2,639.70. Ambuja Cements gained 0.40 per cent or Rs 2.65, taking the overall value to Rs 2,639.70 per share.

RECENT STORIES

Market Watch: Q1 Earnings; Bank Of Maharashtra Records Profit Of ₹1,293.68- Check More Details...

Market Watch: Q1 Earnings; Bank Of Maharashtra Records Profit Of ₹1,293.68- Check More Details...

'CEO Of The Wedding’: Radhika Merchant Lauds Mother-in-Law Nita Ambani’s Role In Anant...

'CEO Of The Wedding’: Radhika Merchant Lauds Mother-in-Law Nita Ambani’s Role In Anant...

Hindalco To Sell Land Parcel In Kalwa Near Mumbai To Birla Estates's Subsidiary Ekamaya Properties...

Hindalco To Sell Land Parcel In Kalwa Near Mumbai To Birla Estates's Subsidiary Ekamaya Properties...

Geojit Financial Share Zooms Over 12% After Posting 107% Jump In Net Profit

Geojit Financial Share Zooms Over 12% After Posting 107% Jump In Net Profit

DMart Shares Lose Steam After Initial Surge Post Rise In Net Profit In Q1 Earnings

DMart Shares Lose Steam After Initial Surge Post Rise In Net Profit In Q1 Earnings