India Cements stock hits 52-week high as UltraTech Cement to buy 23% stake

Shares of India Cements hit a fresh 52 week high on Thursday amid reports that UltraTech Cement would buy around 23% stake in India Cements.UltraTech will buy up to 70.6 million shares of India Cements at Rs 267 per share. The transaction is likely to be completed in 1 month. 

India Cements stock rose 14% to a 52 week high of Rs 299 on BSE. Market cap of the firm rose to Rs 9093 crore. The stock has risen 31.31 per cent in a year and gained 7.58 per cent in 2024. A total of 625.11 lakh shares of the firm changed hands amounting to a turnover of Rs 1662.34 crore on BSE.

On the other hand, shares of UltraTech Cement too rose to their 52-week high of Rs 11,766,25 on BSE. Market cap of UltraTech Cement climbed to Rs 3.40 lakh crore.    

UltraTech Cement, a company of the Aditya Birla Group said, "The Board of Directors of the Company at its meeting held today approved making a financial investment to purchase up to 7.06 crores equity shares of The India Cements Limited, a company incorporated under the Indian Companies Act, 1913, having its registered office at Dhun Building, 827, Anna Salai, Chennai 600 002, (“ICL”) at a price of up to Rs. 267/- per share. This non-controlling financial investment constitutes around 23% of the equity share capital of India Cements Limited."