Ambuja Cements soars on completing acquisition of Penna Cement Industries
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Ambuja Cements is currently trading at Rs. 640.65, up by 18.90 points or 3.04% from its previous closing of Rs. 621.75 on the BSE.
The scrip opened at Rs. 628.85 and has touched a high and low of Rs. 641.50 and Rs. 623.45 respectively. So far 50818 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 706.85 on 02-Jul-2024 and a 52 week low of Rs. 404.00 on 01-Nov-2023.
Last one week high and low of the scrip stood at Rs. 645.00 and Rs. 616.20 respectively. The current market cap of the company is Rs. 157098.02 crore.
The promoters holding in the company stood at 70.33%, while Institutions and Non-Institutions held 22.84% and 6.83% respectively.
Ambuja Cements has completed the acquisition of Penna Cement Industries (PCIL) on August 16, 2024. Consequently, PCIL has become a subsidiary of the Company effective from August 16, 2024.
Earlier, the company had received approval for the acquisition of 100% stake in PCIL by way of entering into binding agreement. The acquisition is in line with the company’s strategy to increase its footprint in the cement manufacturing market. Cost of acquisition is Rs 10,422 crore.
Ambuja Cements is engaged in manufacturing and marketing of cement and clinker for both domestic and export markets. It is a material company of Adani Cement and part of the diversified Adani Group.
