Sanghi Industries shares jump 5%
Sanghi Industries shares jump 5%
Ambuja Cement announced on Thursday the acquisition of a controlling stake in Sanghi Industries, one of the top cement makers in western India, for Rs 5,000 crore.
Sanghi Industries’ stock rose 5% on Thursday after Ambuja Cement announced the acquisition of a majority stake in the cement company for Rs 5,000 crore.
On the BSE, the stock gained 4.99 percent to reach its upper circuit of Rs 105.76.Ambuja Cement shares rose 3.48 percent to Rs 477.
Ambuja Cement announced on Thursday the acquisition of a controlling stake in Sanghi Industries, one of the top cement makers in western India, for Rs 5,000 crore.
Ambuja Cement, a subsidiary of Adani Group, will acquire a 56.74 percent ownership in Sanghi Industries Ltd (SIL) from its current promoters, Ravi Sanghi and family. According to an Ambuja Cement release, the transaction will be entirely paid through internal accruals.
This is Adani Group’s first large acquisition since the Hidenburg report, which claimed financial malfeasance at the corporation.
Ambuja Cement recorded a 31.2 percent growth in consolidated net profit at Rs 1,135.46 crore and revenue from operations of Rs 8,712.90 crore for the June quarter on Wednesday. Ambuja Cement’s consolidated results include the financial performance of its step-down firm ACC Ltd, in which it controls about 51%.
