Ambuja Cements buys 56.74% stake in Sanghi Industries at ₹5,000 cr valuation; stock rises
Adani Group-owned cement maker will acquire 56.74% shares of Sanghi Industries from its existing promoters.
Adani Group-owned cement maker will acquire 56.74% shares of Sanghi Industries from its existing promoters.
The revenue from operations of Ambuja Cement increased by 8.4% year-on-year to ₹8,713 crore in the June quarter as against ₹8,033 crore in the same period last year.
On Monday, ACC shares surged 4.1% to touch an intraday high of ₹2,030 on the BSE, while the market capitalisation increased to ₹37,980 crore.
During the quarter under review, the company's revenue from operations stood at ₹5,201.11 crore, up 16.4% as against ₹4,468.42 crore in Q1 of FY23.
UBS believes inorganic proposition is not value accretive given the combination of overcapacity and weak demand
The company's EBITDA (earnings before income, tax, depreciation and amortisation) stood at ₹3,223 crore in Q1 of FY23
The microcap stock hit 5% upper circuit and touched a fresh record high of ₹32.80 on Wednesday from ₹6 on April 10, 2023.
The Adani group company has declared dividend of ₹2.50 per equity share having a face value of ₹2 each (125%) for the financial year FY23.
The Adani group firm posted net profit at ₹235.66 crore in Q4FY23 as against ₹396.33 crore in the same quarter a year ago, dented by higher costs.
ACC and Ambuja Cements will resume operations at the Gagal and Darlaghat plants in Himachal Pradesh from today.