India Cements Shares Surge 14% After UltraTech Cement Announces Major Stake Acquisition

India Cements Ltd’s shares surged by nearly 14 percent on Thursday morning following the announcement that UltraTech Cement, a leading cement maker, will acquire approximately 23 percent stake in the Chennai-based company for up to Rs 1,885 crore. The stock reached a 52-week high of Rs 299 on the BSE, marking a 13.70 percent increase. On the NSE, the stock climbed 13.77 percent to Rs 298.80. Shares of UltraTech Cement also saw a 6.51 percent jump, reaching a one-year peak of Rs 11,875.95 on the BSE. The board of directors of UltraTech Cement approved a financial investment to purchase up to 7.06 crore equity shares of India Cements Ltd at a price of up to Rs 267 per share, constituting around 23 percent of the equity share capital of India Cements. India Cements reported a turnover of Rs 5,112 crore for financial year 2023-24. UltraTech Cement, which has a consolidated capacity of 152.7 Million Tonnes Per Annum (MTPA) of grey cement, operates 24 integrated manufacturing units, 33 grinding units, one clinkerisation unit, and 8 bulk packaging terminals.