Sanghi Industries jumps 5%, Ambuja Cements rise nearly 3% after deal announcement

Shares of Sanghi Industries on Thursday jumped 5 per cent after Ambuja Cements announced the acquisition of a majority stake in the cement manufacturer at an enterprise value of Rs 5,000 crore.

The stock rallied 4.99 per cent to settle at Rs 105.76 -- its upper circuit limit -- on the BSE.

The company added Rs 130.06 crore, taking its market valuation to Rs 2,732.06 crore.

Shares of Ambuja Cements also climbed 2.87 per cent to end at Rs 474.20. During the day, its shares jumped 4.32 per cent to reach an intra-day high of Rs 480.90.

The company's market valuation climbed Rs 2,631.3 crore to Rs 94,159.30 crore.

Earlier in the day, Ambuja Cements announced the acquisition of a majority stake in Sanghi Industries -- a leading cement manufacturers from western India -- at an enterprise value of Rs 5,000 crore.

Ambuja Cements, 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.

This is the first major deal by ports-to-power conglomerate Adani Group after the Hindenburg report alleged financial misconduct at the company.

On Wednesday, Ambuja Cements reported an increase of 31.2 per cent in consolidated net profit at Rs 1,135.46 crore and clocked a revenue from operations of Rs 8,712.90 crore for the June quarter.

Consolidated results of Ambuja Cements include the financial performance of its step-down firm ACC Ltd, in which it owns around 51 per cent stake.

Most of the Adani Group stocks ended in the positive territory on Thursday, with ACC climbing 2.76 per cent, Adani Power going up 2.69 per cent, Adani Enterprises rising 2.37 per cent, Adani Ports rallying 1.6 per cent, Adani Transmission (0.77 per cent), NDTV (0.75 per cent) and Adani Total Gas (0.52 per cent).