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HomeSTOCKSDon't Sell This Share Before ₹780; Today Reached An Intra-day High Of...

Don’t Sell This Share Before ₹780; Today Reached An Intra-day High Of Rs 615

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Ambuja Cements share: Shares of Ambuja Cements was in focus today on Monday. Shares of the company today reached an intraday high of Rs 615.30 with a slight rise of 0.9%. 

Ambuja Cements has made a big announcement. The company will acquire the cement ‘grinding’ unit of My Home Group in Tuticorin, Tamil Nadu for a total consideration of Rs 413.75 crore.

What Did The Company Say?

Ambuja Cements, part of the Adani Group, said in an announcement issued on Monday that it had entered into a definitive contract to purchase the cement ‘grinding component within the My Home Group. The capacity of the unit is 1.5 MTPA. 

“The acquisition through internal accruals at a total value of Rs 413.75 crore will help the company expand its coastal reach in the southern markets of Tamil Nadu and Kerala,” according to the report.

Ajay Kapoor CEO (CEO) of Adani’s cement business declared, “Apart from infrastructure and geographical advantages, Ambuja Cements will also be able to access the dealer network that is already in place. The company will retain current employees to help ensure a smooth transition.”

Shares Will Rise!

Shares of Ambuja Cements has risen 3.99% in a month. This stock has climbed 40% in six months. The stock is up 17% this year YTD and 56% in the past year. 

Its 52-week high price is Rs 640.95 and its 52-week low price is Rs 373.30. The market capitalization that the business has is 1,20,915.87 crore.

According to the local agency for brokerage, that portion of the company could rise. Brokerage brokerage recommends buying Ambuja Cements with a price target of 780 rupees.

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