India's Star Cement jumps on UltraTech approving 8.5 bln-rupee stake buy

Star Cement

27/12/2024 03:55

** Star Cement  STAT.NS  climbs 7.2% to 245.88 rupees; set
to snap two-session losing run
    ** UltraTech Cement  ULTC.NS , India's top cement maker,
approves purchase of ~8.7% stake in STAT for 235 rupees - ~2%
premium to STAT's Thursday close
    ** Deal worth 8.51 billion rupees (~$100 mln)
    ** ULTC up 0.3%
    ** Earlier this month, Moneycontrol reported Ambuja Cements
 ABUJ.NS  was in talks to buy STAT, a market leader in
northeastern India; STAT jumped 7% then, but denied the report
    ** YTD, STAT gains 39% vs ULTC's 9.5% rise

($1 = 85.3375 Indian rupees)

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