Shares of ACC and Ambuja Cements on Friday extended their gains for the second straight session. ACC settled 4.39 per cent higher at Rs 1,926.30 over its previous close of Rs 1,845.35. The stock has rebounded 4.44 per cent in two days. In a similar move, Ambuja Cements also gained for the second consecutive day. The scrip has jumped 11.69 per cent in two days. The counter today rose 6.03 per cent to close at Rs 373.70 against a previous close of Rs 352.45.
Both companies have issued a joint statement on a misleading report about the pledge of shares.
In an exchange filing, ACC and Ambuja said, “We would like to clarify that none of the shares of Ambuja or ACC have been pledged by promoters. The promoters have only provided a non-disposal undertaking and accordingly, there is no requirement of providing any top-up of shares of Ambuja and ACC or cash top-up under the acquisition financing raised last year.”
Around 2.48 lakh ACC shares changed hands on BSE today, which was more than two times higher than the two-week average volume of 93,000 shares. Turnover on the counter stood at Rs 44.97 crore, commanding a market capitalisation (m-cap) of Rs 36,173.46 crore.
The stock traded lower than 5-day, 20-, 50-, 100- and 200-day moving averages. The counter’s 14-day relative strength index (RSI) came at 29.61. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company’s stock has a price-to-equity (P/E) ratio of 54.72.
ACC has an average target price of Rs 2,398.70, Trendlyne data showed, suggesting a potential upside of 24.49 per cent. The scrip has a one-year beta of 1, indicating average volatility.
In the case of Ambuja Cements, 22.83 lakh shares exchanged hands, a little lower than the two-week average volume of 23.06 lakh shares. Turnover came at Rs 79.95 crore with an m-cap of Rs 74,203.56 crore.
The stock traded lower than 5-day, 20-, 50-, 100- and 200-day moving averages. The counter’s 14-day relative strength index (RSI) came at 29.55. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company’s stock has a price-to-equity (P/E) ratio of 36.21.
Ambuja Cements has an average target price of Rs 494.89, Trendlyne data showed, suggesting a potential upside of 32.47 per cent. The scrip has a one-year beta of 0.97, indicating average volatility.
Four (ACC, Ambuja, Adani Ports & Special Economic Zone and the group’s flagship Adani Enterprises) out of 10 listed Adani Group stocks rebounded today.
Meanwhile, Indian equity benchmarks rose sharply, led by gains in banks, financials and consumer durables. The 30-share BSE Sensex pack jumped 910 points or 1.52 per cent to close at Rs 60,841; while the broader NSE Nifty index moved 244 points or 1.38 per cent to settle at 17,854.
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