India's JK Cement hits near 16-month high on acquiring Toshali Cements

J K Cement

06/06/2023 05:24

** Shares of JK Cement Ltd  JKCE.NS  rise as much as 3.6% to
3,324 rupees, their highest level since Feb. 10, 2022
    ** The cement maker on Monday said it has approved
acquisition of Toshali Cements' entire stake for 1.57 bln rupees
($19.01 mln)
    ** About 265,323 shares change hands by 9:42 a.m. IST, 2.4x
the 30-day avg of 110,780 shares - Refinitiv data
    ** If trends hold, stock on track to advance for second
consecutive session    
    ** Thirteen of the 24 analysts covering the stock have a
"buy" or higher rating, five have "hold" while six rate it at
"sell" or lower; median PT is 3,260 rupees - Refinitiv
    ** Stock last up 3.2%, extending YTD gains to 13.6% 


($1 = 82.5790 Indian rupees)

 (Reporting by Priya Sagar in Bengaluru)
 ((Priya.Sagar@thomsonreuters.com))