India Cements shares have been on an uptrend for the last two straight sessions. After ending at ₹229.38 apiece on the NSE on Tuesday, the cement stock has been rising since Wednesday. Today, India Cements’ share price opened with an upside gap at ₹285 per share and touched an intraday high of ₹288.88, recording a rise of around 26 percent in the last two sessions.
According to stock market experts, India Cements shares are rising as Aditya Birla group company UltraTech Cement has declared buying 7.06 crores equity shares of The India Cements Limited. They said that market is taking this stock market news as a positive development regarding India Cements.
In an exchange fiiling today, UltraTech Cement informed Indian stock market exchanges about stake buying in India Cements saying, “The Board of Directors of the Company at its meeting held today approved making a financial investment to purchase upto 7.06 crores equity shares of The India Cements Limited, a company incorporated under the Indian Companies Act, 1913, having its registered office at Dhun Building, 827, Anna Salai, Chennai 600 002, (“ICL”) at a price of upto Rs. 267/- per share. This non-controlling financial investment constitutes around 23% of the equity share capital of ICL.”
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Published: 27 Jun 2024, 09:19 AM IST