India's Star Cement climbs on report Ambuja Cements mulls buying co

Star Cement

04/12/2024 09:14

** Star Cement  STAT.NS  climbs 7% to 209.27 rupees; stock
set for sixth straight session of gains
    ** Ambuja Cements  ABUJ.NS , the cement arm of billionaire
Gautam Adani, is in talks to acquire STAT, market leader in
northeastern India, Moneycontrol reports
    ** Acquisition is part of Adani group's expansion strategy -
report
    ** STAT, in an exchange filing, said it is "not engaged in
any discussions in this regard"
    ** ABUJ did not immediately respond to Reuters request for
comment
    ** ABUJ stock little changed after report, down 0.3%
    ** Avg rating on STAT, larger rivals ABUJ and market leader
UltraTech  ULTC.NS  at "buy" - LSEG data
    ** STAT up ~20% YTD, set for third straight annual gain


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