India's UltraTech Cement at record high on plans to buy stake in India Cements

India Cements

27/06/2024 08:25

(Updates)
    ** Shares of UltraTech Cement  ULTC.NS  rise as much as 6.6%
to a record high of 11,874.95 rupees
    ** India's top cement maker by capacity said it will buy a
23% stake in smaller rival India Cements  ICMN.NS  for 18.85 bln
rupees ($225.7 mln)
    ** ULTC stake buy in ICMN at 267 rupees apiece, a 1.7%
premium to ICMN's closing price on Wednesday
    ** ICMN stock up 10% at its highest since Sept 2022
    ** Nearly 21 mln ICMN shares change hands in 51 separate
block deals, all above previous closing price of 262.62 rupees
        ** Overall, 110 mln ICMN shares traded in stock's most
active day on record; 1.7 mln ULTC shares traded in its busiest
session since June 2022
        ** ULTC likely bought ICMN stake from Radhakishan Damani
and associated entities, NDTV Profit reports, citing sources
    ** ULTC stock up 9.2% YTD, while ICMN up 13.6% YTD
    
    ($1 = 83.5050 Indian rupees)

 (Reporting by Kashish Tandon in Bengaluru)
 ((kashish.tandon@thomsonreuters.com))