Ambuja Cements Sets A New Record, Increasing By 17% In A Single Month

Ambuja Cements shares hit a record high of Rs 446.50, up 2% on the  Bombay Stock Exchange (BSE) in Wednesday's intra-day trade in an otherwise weak market ahead of the close of the open supply made by Adani Group on Friday, September 9. At 09:23 a.m. The S&P BSE Sensex was down 0.53 percent at 58,885. The cement company's stock surpassed its previous high of Rs 443 on September 8, 2021. Prior to now one month, the inventory has outperformed the market by 17%, compared to less than 1% for the S&P BSE Sensex.

Meanwhile, ACC shares were trading nearly 3% higher on the BSE, at Rs 2,398.95. On November 15, 2021, the stock reached a 52-week high of Rs 2,587.95. On August 26, 2022, Adani household group's Mauritius-based agency Endeavour Commerce and Funding launched its Rs 31,000-crore open supply to acquire a 26% stake in Swiss company Holcim's two Indian listed entities Ambuja Cements and ACC from general public shareholders.

According to the revised schedule submitted by ICICI Securities and Deutsche Equities India, managers to the open supply, share tendering began on August 26 and is expected to end on Friday, September 9, 2022.

In Might of this year, Holcim signed a binding agreement with the Adani Group to consolidate its operations in India, including its 63.11 percent stake in Ambuja Cement, which owns a 50.05 percent stake in ACC, as well as its 4.48 percent direct stake in ACC. The Adani Group had made an open offer for Ambuja Cements at Rs 385 per share and ACC at Rs 2,300 per share.