Sanghi Industries locked in upper circuit—here's why

Sanghi Industries block deal: Sanghi Industries shares were locked in the upper circuit of 5 per cent at Rs 129.25 on NSE after 84.3 lakh equity shares of the cement manufacturer, equating to a 51.7 per cent stake, changed hands in multiple block deals on Tuesday, December 5, according to Zee Business Research.

Later, reports surfaced that the Adani Group-owned Ambuja Cements had completed the acquisition of 54.5 per cent of Sanghi Industries. In August, Ambuja Cement announced the acquisition of a majority stake in Sanghi Industries, one of the leading cement manufacturers from western India, at an enterprise value of Rs 5,000 crore.
    
"Ambuja Cement, part of the Adani Group, will buy a 56.74 per cent stake in Sanghi Industries Ltd. (SIL) from its existing promoter group, Ravi Sanghi & family. The acquisition will be fully funded through internal accruals," PTI reported, quoting Ambuja Cement.

Sanghi Industries share price history

Sanghi Industries's stock has given a positive return of nearly 70 per cent in the last 12 months (from December 6, 2022). In comparison, the headline index, Nifty 50, has rallied nearly 12 per cent.

What does Sanghi Industries do?

Sanghi Industries is a cement manufacturer from Western India that produces and sells cement and provides building solutions to individual home builders and professional builders.

For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.