India's Adani-owned Ambuja Cements hits over 10-month high

Sanghi Industries

05/12/2023 05:46

** Shares of Adani Group-owned Ambuja Cements  ABUJ.NS  jump
as much as 7.6% to a 10-month high of 510.4 rupees    
    ** If current trend holds, stock set for sixth straight
session of gains - its longest winning streak since July-end 
    ** ABUJ says it completed acquisition of Sanghi Industries
 SNGI.NS  at an enterprise value of 51.85 bln rupees ($621.91
million)
    ** Co says deal to expand ABUJ's consolidated capacity to
74.6 MTPA from 68.5 MTPA 
    ** ABUJ stock among top gainers in Nifty Infrastructure
Index  .NIFTYINFR 
    ** ABUJ advances as part of a rally in which other
Adani-owned companies have also gained 
    ** More than 9.3 mln shares traded, 3.6x their 30-day avg
    ** Stock down ~4% YTD vs a 31% gain in the Nifty
infrastructure index  .NIFTYINFR 


($1 = 83.3720 Indian rupees)

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))