Ambuja Cements’ share price shot up by more than 4% in early trading on Friday, August 23, following reports that the Adani Group, its promoter, is selling part of its stake through a block deal. The stock opened at ₹654 on the BSE, up from the previous close of ₹632.90, and reached ₹659.70, a rise of 4.23%. By 9:25 am, the shares were trading at ₹653.80, a 3.30% increase.
According to media reports, the Adani Group planned to sell about 3% of its stake in Ambuja Cements on Friday to raise up to $500 million (around ₹4,197 crore) through block deals.
As of the end of the June 2024 quarter, the Adani Group held a 70.33% stake in Ambuja Cements. The group acquired Ambuja Cements and its subsidiary ACC Ltd from Switzerland’s Holcim Group for $6.4 billion in September 2022.
In June this year, Ambuja Cements announced it would acquire Penna Cement Industries Ltd (PCIL) for ₹10,422 crore.
Ambuja Cements shares hit a 52-week high of ₹706.85 on July 2 this year, and a 52-week low of ₹404 on November 1 last year. Over the past year, the stock has increased by nearly 37%.
In the first quarter of FY25, Ambuja Cements saw a decline in revenue and profit by 4.61% and 28.63% year-on-year, respectively. The company also experienced a drop in operating income by 44.25% compared to the previous quarter and 37.28% year-on-year.
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