India's UltraTech Cement rises to record after announcing stake buy in India Cements

India Cements

27/06/2024 05:11

** Shares of UltraTech Cement  ULTC.NS  up 6% at a record
11,811.50 rupees
    ** India's top cement maker by capacity said it will buy 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, 1.7% premium
to ICMN's closing price on Wednesday 
    ** ICMN stock up 10% to its highest since Sept. 2022
    ** Trading volume for ULTC 1.3x the 30-day moving average;
ICMN trading volume over 6x the 30-day moving avg
    ** ULTC up 12.5% YTD, while ICMN up 12% YTD
    


($1 = 83.5050 Indian rupees)

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