India's UltraTech Cement hits record high; buys Burnpur Cement's grinding assets

Burnpur Cement

30/11/2023 04:55

** Shares of India's top cement maker UltraTech Cement  ULTC.NS  rise 2.3%
to a record high of 8,937 rupees
    ** Stock marks its steepest intraday gain since Oct. 30; on track for a
third consecutive session of gains, if trend holds
    ** Co on Wednesday said it has acquired a 0.54 MTPA cement grinding assets
of Burnpur Cement Ltd for 1.70 bln rupees ($20.40 mln) urn:newsml:reuters.com:*:nFWN3CU0W3
    ** Average of the 36 analysts covering the stock have a "buy" or "strong
buy" rating; median PT is 9,300 rupees - LSEG data
    ** Stock up ~28% YTD VS a ~11% gain in the broader Nifty 50 index  .NSEI 


($1 = 83.3175 Indian rupees)

 (Reporting by Yagnoseni Das in Bengaluru)
 ((Yagnoseni.Das@thomsonreuters.com; +91 6001289066;))