India's Kesoram Industries hits upper circuit on UltraTech Cement deal

Kesoram Industries

01/12/2023 04:11

** Shares of cement maker Kesoram Industries  KSRM.NS  hits
upper circuit after rising as much as 4.99% to 146.35 rupees
    ** UltraTech Cement  ULTC.NS  said it would buy cement
business of KSRM in an all-stock deal valued at ~$645 mln
    ** ULTC was up 0.2% at 9,025 rupees    
    ** KSRM on track to rise for fourth straight session
    ** Stock rose over 75% in November, partly due to reports of
UltraTech's interest
    ** KSRM's YTD gains at ~145%

 (Reporitng by Nishit Navin in Bengaluru)
 ((nishit.navin@thomsonreuters.com;))