India Cements hits fresh 52-week high after climbing nearly 14%; UltraTech Cement marks fresh peak

Shares of the smallcap cement manufacturer India Cements in early trade galloped up to 14 per cent in early trade and marked their new 52-week high of Rs 299 after UltraTech Cement’s board announced buying a 23 per cent stake in the company for Rs 267 per share in a deal valued at around Rs 1,885 crore.

“The Board of Directors of the Company at its meeting held today approved making a financial investment to purchase upto 7.06 crores equity shares of The India Cements Limited, a company incorporated under the Indian Companies Act, 1913, having its registered office at Dhun Building, 827, Anna Salai, Chennai 600 002, (“ICL”) at a price of upto Rs. 267/- per share. This non-controlling financial investment constitutes around 23% of the equity share capital of ICL,” said UltraTech Cement’s filing.

On the development, shares of Kumar Mangalam-led UltraTech Cement also marked their fresh record high of Rs 11,875.95. Last seen, the stock traded higher by over 4 per cent at Rs 11,633.95.

Furthermore, in the pre-opening window, 20 per cent equity in India cements changed hands in India Cements.