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Ambuja Cement Stock Hit 52-Week High, As Adani Offers To Acquire 26% Additional Stake
The share price of Ambuja Cement hit a fresh 52-week high-level today after Adani group offers to acquire a 26% additional stake in the cement stock. The demand for the cement sector is sharply rising now with more infrastructure growth in the country. In addition to that, inflation in the raw material prices is also easing now, which is affirmative for the industry players. Check the offer by Adani group made the stock bullish in the recent period.
Open Offer By Adani Group
Today, on September 7, Ambuja Cements disclosed the number of Equity Shares tendered in connection with the open offer to the public shareholders of Ambuja Cements. According to data available with NSE, "2,67,310 Equity Shares have been tendered in the Escrow Demat Account, as per the Escrow Demat Account statement received by the Managers from Ventura Securities Limited as of 1.00 pm IST on September 7, 2022; and 22,828 Equity Shares have been tendered by the Public Shareholders holding Equity Shares in the physical form with the Registrar to the Offer, as per the email received by the Manager from the Registrar to the Offer as of 1.00 pm IST on September 7, 2022", ICICI Securities and Deutsche Equities India, stated in a revised schedule.
In late August, Adani group's firm Endeavour Trade and Investment made an open offer of Rs. 31,000 crore to acquire a 26% additional stake from Ambuja Cements and ACC.
Ambuja Cement - NSE performance
Today, the large-cap cement company's stock price hit a fresh 52-week high reaching Rs. 457.50 a piece, surging by above 3% intra day. The current market price of Ambuja Cement closed at Rs. 448.90/share on NSE, up by 2.84%. In the last 5 days, its share price up by 9.41% on NSE, in the last 1 month, its share price has surged by 18.07%, and in the past 6 months it has gained 58.68%. But, in last 1 year its share price has gained only by 2.97%, in the last 5 years its share gained sharply by 58.87%.
The 52-week high level of this stock is Rs. 457.50, and the 52-week low level of this stock is Rs. 274.
| Market capitalization | Current market price | 6 Months performance | 1 Month performance |
|---|---|---|---|
| Rs. 89,135 crore | Rs. 448.90 | 58.68% | 18.07% |
Financial results
According to data available with NSE, in Q4 FY22, the company's total income stood at Rs. 4,62,588 lakh, as against Rs. 3,96,193 lakh in the previous quarter. The company's profit before tax or PBT was reported at Rs. 1,13,795 lakh in Q4 FY22, as against Rs. 65,426 lakh in Q3 FY22. The company's net profit was reported at Rs. 1,04,790 lakh in Q4 FY22, as against Rs. 49,517 lakh in Q3 FY22.
Company profile:
Ambuja Cement is the industry leader, generated 2.7% of its power needs from renewable resources. Ambuja Cement has a cement capacity of 31 million tonnes with six integrated cement manufacturing plants and eight cement grinding units across the country. The company has launched innovative products like Ambuja Plus, Ambuja Cool Walls, Ambuja Kawach and Ambuja Cement Compocem. Ambuja Cement's Sustainable Development Ambition 2030 provides strategic direction to the company's long-term sustainability vision. Ambuja Cement and ACC's have total of 31 cement manufacturing sites and 78 ready-mix concrete plants.
Disclaimer
Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, brokerage firm, and the author are not liable for any losses caused as a result of decisions based on the article.
