India Cements, JK Lakshmi Cement: Why Cement stocks are rising higher in today's trade

Cement Stocks: India Cements and JK Lakshmi Cement soared higher, while Ambuja Cements and Sanghi Industries also jumped on BSE on Wednesday (June 26, 2024). Ambuja Cement and

Sanghi Industries rose after latter's offer for sale (OFS) opened for non-retail investors today. Here's how cement stocks are performing today. 

India Cements

After closing at Rs 229.30 in the previous session, the stock of India Cements skyrocketed by 17.53 per cent to Wednesday's high of Rs 269.50.

India Cements shares that started the session at Rs 232.95 closed it higher by 14.68 per cent, or Rs 33.65, at Rs 262.95 each on Wednesday.

The volume of shares rose by over 16 times to 38.57 lakh on Wednesday against two-week quantity average of 2.33 lakh.

JK Lakshmi Cement

After closing the session at Rs 850.20 a day ago, the stock of JK Lakshmi Cement rose by 7.38 per cent to Wednesday's high of Rs 912.95. 

The stock was began its journey at Rs 848.20 on Wednesday closed the trading session up by 2.09 per cent, or Rs 17.80, at Rs 868.00.

The volume of the stock on Wednesday rose nearly nine times to 1.30 lakh against the two-week average of 0.15 lakh. 

Ambuja Cements

After closing at Rs 649.05 in the previous session, the stock of Ambuja Cements rose by 2.58 per cent to Wednesday's high of Rs 665.80.

The stock that opened at Rs 649.00 on Wednesday closed the session up by 1.21 per cent, or Rs 7.85, at Rs 656.90. 

Sanghi Industries 

After closing at Rs 102.26 a day ago, the stock of Sanghi Industries rose by 2.20 per cent to Wednesday's high of Rs 104.51.

The Sanghi Industries stock that opened at Rs 98.00 ended trading up by 0.52 per cent, or Rs 0.53, at Rs 102.79 on Wednesday.

What is Sanghi Industries' OFS?

Sanghi Industries offer for sale (OFS) opened for non-retail investors today (Wednesday) and for retail investors, it will open on Thursday.

In the OFS, Sanghi Industries' promoter Ambuja Cement and Ravi Sanghi would sell their 3.52 per cent stake.

The floor price has been fixed at Rs 90 per share, which is over 12 per cent discount from its CMP of Rs 102.

As many as 90.92 lakh shares will be sold through the OFS.

While Ambuja Cements will sell 60.92 lakh shares, Ravi Sanghi will offload 30 lakh shares (2.36 per cent and 1.16 per cent, respectively= 3.52 per cent)