HeidelbergCement India up on report of acquisition talks by JSW Cement

Heidelbergcement India

03/10/2023 05:03

** Shares of HeidelbergCement India  HEID.NS  rise as much
as 4.9% to 187.75 rupees, highest since June 6
    ** JSW Cement  JSWC.NS  is in initial talks with German
Heidelberg Materials AG  HEIG.DE  to acquire HEIG's cement
business in India, Economic Times reported on Tuesday, citing
sources aware of the talks
    ** HEIG yet to take a final call on India exit strategy and
sources say it may decide to opt for a bidding process, report
adds
    ** JSWC and HEIG did not immediately respond to Reuters'
requests for comment
    ** Over 410,000 shares change hands as of 9:28 a.m. IST,
0.9X the 30-day moving average
    ** Mean rating of 12 analysts is "hold"; median PT is 195
rupees - LSEG data
    ** Stock last up 2.7%, trimming YTD loss to 2%

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))