UltraTech Buys Major Stake in India Cements; Stocks Skyrocket

Shares of India Cements Ltd surged over 11% after UltraTech Cement announced acquiring a 23% stake in the firm for up to Rs 1,885 crore. The stock hit a 52-week high while UltraTech's shares also rose significantly. The market valuation of both companies saw substantial growth.

Shares of India Cements Ltd skyrocketed over 11 percent on Thursday, buoyed by the announcement that UltraTech Cement will acquire approximately 23 percent of the Chennai-based firm for a total transaction of up to Rs 1,885 crore.

On the BSE, India Cements' stock soared by 13.70 percent to reach its 52-week high of Rs 299 and ultimately ended at Rs 293.15, marking an 11.49 percent increase. The shares also performed robustly on the NSE, climbing by 11 percent to settle at Rs 291.75, with an intraday peak of Rs 298.80.

The acquisition news significantly boosted India Cements' market valuation by Rs 935.9 crore, pushing it to Rs 9,084.64 crore. Meanwhile, UltraTech Cement's shares jumped by 5.07 percent to close at Rs 11,714.80 on the BSE, after hitting a one-year peak of Rs 11,875.95 during intraday trading. On the NSE, UltraTech's stock climbed 5.44 percent to Rs 11,749.85, elevating its market value by Rs 16,318.77 crore to a staggering Rs 3,38,203.13 crore.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)