India Cements' stock surged by 14%, reaching a 52-week high of Rs 299 on the BSE, pushing the company's market cap to Rs 9,093 crore. The rise follows reports that UltraTech Cement plans to buy a 23% stake in India Cements. UltraTech will acquire up to 70.6 million shares at Rs 267 per share, with the transaction expected to be completed within a month.
Shares of India Cements have climbed by 31.31% over the past year and gained 7.58% in 2024 alone. On Thursday, a total of 62.51 million shares were traded, resulting in a turnover of Rs 1,662.34 crore on the BSE.
Meanwhile, UltraTech Cement's stock also hit a 52-week high of Rs 11,766.25 on the BSE, bringing its market cap to Rs 3.40 lakh crore.
UltraTech Cement, part of the Aditya Birla Group, stated, "The Board of Directors approved making a financial investment to purchase up to 7.06 crore equity shares of The India Cements Limited at a price of up to Rs 267 per share". This non-controlling financial investment represents around 23% of the equity share capital of India Cements Limited.