India Cements Shares Soar After UltraTech Stake Acquisition

Shares of India Cements Ltd surged nearly 14% after UltraTech Cement announced it will acquire a 23% stake in the company for up to Rs 1,885 crore. The stock hit a 52-week high at the BSE and NSE. UltraTech's stock also reached a one-year peak.

Shares of India Cements Ltd experienced a significant spike of nearly 14 per cent on Thursday morning. This surge followed the announcement by leading cement manufacturer UltraTech Cement, which plans to acquire a 23 per cent stake in the Chennai-based company for up to Rs 1,885 crore.

The stock's remarkable rise saw it soar 13.70 per cent, achieving a 52-week high of Rs 299 on the BSE. Similarly, on the NSE, the stock climbed 13.77 per cent to Rs 298.80, also registering its 52-week high.

Shares of UltraTech Cement witnessed a 6.51 per cent increase, hitting a one-year peak of Rs 11,875.95 on the BSE. According to a regulatory filing, the board of directors at UltraTech Cement approved the financial investment for acquiring up to 7.06 crore equity shares of India Cements Ltd at a price of up to Rs 267 per share. This acquisition represents approximately 23 per cent of India Cements' equity share capital.