Star Cement Shares Zoom 8% As Ultratech To Buy 8.6% Stake For ₹851 Crore

The cement sector is buzzing with activity today, with stocks like Star Cement and UltraTech Cement in focus. Shares of North East-based Star Cement surged by 7.84%, hitting a high of ₹247.75, following UltraTech Cement’s announcement to acquire an 8.69% stake in the company for ₹851 crore. This strategic deal has added momentum to both counters, and investors are keen to explore the growth potential in the cement sector. KKunal V Parar, Vice President of Technical Research at Choice Equity Broking, shares his detailed analysis:

1. UltraTech Cement: The stock is trending above its 200-day moving average and remains in an uptrend. Kunal suggests buying at current levels or on dips around ₹11,000. The first target is ₹12,000, with potential upside to ₹13,400 if ₹12,000 is breached. Strong support is at ₹10,500.

2. Ambuja Cement: Despite recent volatility due to Adani-related news, the stock looks attractive on the daily chart. Any dip towards ₹525–₹500 presents a buying opportunity. The stop-loss is placed at ₹475, with targets of ₹600 and ₹700.

3. ACC: Like Ambuja Cement, ACC also presents a solid buying opportunity at current levels. It has similar target levels and stop-loss setups, aligning with the overall positive sentiment in the sector.

The cement sector is poised for growth, fuelled by acquisitions like UltraTech's stake in Star Cement and robust technical trends across the board. Watch the full video to learn more about entry points, targets, and strategies for investing in cement stocks.