Shares of Adani Enterprises, ACC and Ambuja Cements rose up to 10 per cent today amid reports that the Adani Group on Friday completed the acquisition of Ambuja Cements and its subsidiary ACC Ltd from Switzerland’s Holcim Group for $6.4 billion. After the acquisition, Adani has become the second-largest cement player in India only behind Aditya Birla Group’s UltraTech Cement.
Buoyed by the development, the shares of Ambuja Cements hit a record high of Rs 567.9, rising 9.99 per cent against the previous close of Rs 516.30 on BSE. Ambuja Cements stock is trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages. The stock has risen 32.52 per cent in a year and gained 47.42 per cent in 2022 In a month, the stock has gained 32.49 per cent. A total of 18.55 lakh shares of the firm changed hands, amounting to a turnover of Rs 99.82 crore on BSE. Additionally, Adani Group would infuse Rs 20,000 crore into Ambuja Cements through a preferential allotment of shares, reports said.
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Adani Enterprises shares touched an intraday high of Rs 3794 , rising 2.49 on the BSE. The stock is trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages. The stock has risen 154.02 per cent in a year and gained 120.07 per cent in 2022. In a month, the stock has gained 20.16 per cent. A total of 2.96 lakh shares of the firm changed hands, amounting to a turnover of Rs 109.62 crore on BSE.
Similarly, shares of another cement player ACC gained up to 4.07 per cent to Rs 2,721.35 on BSE. ACC stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock has risen 11 per cent in a year and gained 20 per cent in 2022. In a month, the stock has climbed 13 per cent. A total of 1.61 lakh shares of the firm changed hands, amounting to a turnover of Rs 42.41 crore on BSE.
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In middle of May this year, Adani Group won the race to acquire India business of Swiss firm Holcim for $10.5 billion (Rs 81,361 crore). Holcim held 63.19 per cent stake in Ambuja Cements and 4.48 per cent in ACC. Ambuja Cements, in turn, owned 50.05 per cent in ACC. The deal marks the ports-to-energy conglomerate’s entry into the cement sector.
On August 26 this year, the Adani group kicked off the Rs 31,000-crore open offer on Friday to acquire 26 per cent additional stakes in the two cement firms. At present, Ambuja Cements and ACC have a combined installed production capacity of 70 million tonnes per annum. Together, both have 23 cement plants, 14 grinding stations, 80 ready-mix concrete plants, and over 50,000 channel partners across India.