India's Sanghi Industries up as promoters to comply with shareholding norms

Sanghi Industries

12/03/2024 10:18

** Shares of cement manufacturer Sanghi Industries  SNGI.NS 
rise as much as 10% to 110.55 rupees, last up 7.5%
    ** Co says promoter Ambuja Cements  ABUJ.NS  will sell 2%
stake to enable SNGI to comply with minimum public shareholding
norms
    ** SNGI shares snap three-day losing streak
    ** Stock rises above its 200-day moving average, continues
to trade below 50- and 100-day moving averages since early Feb
    ** Busiest session for SNGI stock since mid-Jan; more than 4
mln shares change hands, over seven times the 30-day average
    ** Stock down 14% so far this year, had gained 81% in 2023
for best yearly gains since 2017

 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))