Breaking their two-session losing streak, shares of Ambuja Cements and ACC Ltd surged up to 10% intraday on Monday even as the spat between Gautam Adani-led Adani Group and US-based Hindenburg Research continues. Ambuja Cements and ACC were acquired by Adani Group last year.
Ambuja Cements surged as much as 9.7% to hit an intra-day high of ₹426 apiece on the Bombay Stock Exchange. At 3:12 pm, the company’s stock was trading 1.65% higher at ₹387.45 on the BSE. The cement major's stock opened higher at ₹388.05 against the closing price of the previous session at ₹381.15. In the past two sessions, the company's stock was trading lower than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages and has lost approximately 15.42%. In the past one year, the company’s stock has surged 8.95%. The company's market capitalisation stood at ₹77,182 crore, with as many as 44,88,306 shares changing hands on the BSE as against the two-week average of 4.85 lakh shares.
Meanwhile, shares of ACC surged as much as 8.9% to hit an intra-day high of ₹2,072. However, after gains in early trade, the company’s stock was trading marginally higher by 1.22% at ₹1,907. The company’s stocks opened higher at ₹1,902 on Monday, as against the closing price of the previous session at ₹1,884. In the past two sessions, the company's stock was trading lower than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages and has lost approximately 15.42%. In the past one year, the company’s stocks have declined 15.26% in value. The company's market capitalisation stood at ₹35,811 crore, with 1,59,813 shares changing hands on the BSE as against the two-week average of 0.27 lakh shares.
Adani Group had acquired Ambuja Cements and ACC from the Swiss firm Holcim in September last year. Touted as the largest acquisition by Adani Group, the value of the Holcim stake and open offer consideration for Ambuja Cements and ACC stood at about ₹51,800 crore.
Meanwhile, shares of New Delhi Television Ltd, (NDTV), which was recently acquired by Adani Group, continued their losing streak for the third session. On Monday, the share price of NDTV plunged as much as 4.99% at ₹243. During the session, the shares of NDTV opened lower at ₹243.55 as against the closing price of the previous session at ₹256.35. The company’s market capitalisation stood at ₹1,570 crore with as many as 1,16,628 shares changing hands as against the two-week average of 0.33 lakh shares.
Barring Adani Enterprises and Adani Ports & SEZ, all Adani Group stocks extended fall on Monday led by Adani Total Gas, Adani Transmission and Adani Green Energy Ltd, which were down 20% during the session.
Last week, the US-based short seller Hindenburg Research in a 106-page report accused the Gautam Adani-led conglomerate of indulging in fraud, stock market manipulation, and money laundering, thus, accusing the company of "pulling the largest con in corporate history." The Adani Group, which is planning to take legal action against the US-based short seller, on Sunday issued a 413-page reply to the Hindenburg report.
Leave a Comment
Your email address will not be published. Required field are marked*