UltraTech Cement, Adani, Bank of India: How Are These Stocks Performing Today

UltraTech Cement, Adani, Bank of India: Indian equities performed on a positive note today as the broader market rally continued for the second day in a row on Tuesday. Amidst the positive sentiment in the Indian stock market, the share of three companies UltraTech Cement, Adani, and Bank of India (BOI) grabbed investors' attention today.

In today's intraday trading session, UltraTech Cement stock price traded on new 52-week high value of 9400.00. Most Adani stocks including Adani Enterprises, Adani Total Gas, and Adani Green Energy extended gains in today's trade. Adani Enterprises shares were up 8.45% at Rs 2743.00 per share at 10:20 am IST today. At 10:16 am IST today, the share price of UltraTech Cement was spotted trading 0.52% higher at Rs 9366.00 per share. Bank of India shares were up 1.65% at Rs 111.00 per share at 10:24 am IST.

UltraTech Cement Stock Price:

On Tuesday, UltraTech Cement stock price traded on a new 52-week high value 9400.00.

In the last one year, returns from UltraTech shares have gained 29.95%. In this year so far the stock has gained 33.40%. UltraTech shares have gone up by 19% in last six months.

UltraTech Cement to acquire cement business of Kesoram Industries

India's largest cement maker, UltraTech Cement informed last week that its board of directors has given the nod to a scheme of arrangement to acquire the cement business of Kesoram Industries in an all-stock deal. The acquisition is expected to enhance the company's production capacity and provide it the opportunity to extend its presence in fast-growing western and southern markets in the country.

According to the deal, Kesoram Industries the flagship company of BK Birla Group has decided to demerge its cement business, consisting of two integrated cement units in Karnataka and Telangana with a total installed capacity of 10.75 million tonnes per annum. The business will be merged into UltraTech Cement, the cement flagship company of the Kumar Mangalam Birla-owned Aditya Birla Group.

Share-swap deal

In an exchange filing dated November 30, 2023, the company that under the share-swap deal, it would issue one equity share of the face value of Rs 10 each for every 52 shares of Kesoram Industries of the face value of Rs 10 each as advised by the valuers and accepted by the board.

Adani Stocks:

The share price of most Adani group stocks traded in the green on Tuesday after witnessing a rally the previous day. Today, Adani Total Gas shares were up 7.61% at Rs 787.90 per share at 10:48 am IST. Adani Green Energy shares jumped 19% at Rs 1336.40 per share at 10:49 pm IST. The share price of Adani Ports and Adani Power was up 9% and 6.44% respectively at the time of writing this article.

Bank of India Stock Price:

On Tuesday, the share price of Bank Of India grabbed attention after media reports highlighted that the PSU bank is preparing to launch a qualified institutional placement (QIP) this week. The QIP is expected to range between Rs 3,500 and 4,000 crore, featuring a base issue worth Rs 2,000-2,500 crore, and an additional greenshoe option of Rs 1,500 crore, said a CNBC TV-18 report.

The issue price for the QIP is likely to be set at a discount to the Securities and Exchange Board of India (SEBI) floor price, the report added.

Today, the stock saw a spurt in volume by more than 1.55 times.