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Adani Ambuja Cement: Ambuja Cement has now become a company of Adani Group. There has been a tremendous rise in Ambuja Share Price on Monday. Due to heavy buying, the stock of Ambuja Cement rose more than 10 percent to Rs 568. This boom has been seen in Ambuja Cement after the statement of Gautam Adani, Chairman of Adani Group. Gautam Adani said that Ambuja Cement along with its subsidiary ACC will soon become the country’s most profitable cement company.
After the close of the stock market on Friday, September 16, 2022, the Adani Group said in a regulatory filing that the Adani Group is going to invest Rs 20,000 crore in the cement business. Ambuja Cement will issue 47.7 crore convertible warrants to the promoters at the rate of Rs 419. After which Adani Group’s stake in the company will increase from 63.15 per cent to 70.3 per cent. This is the reason that as soon as the market opened on Monday, the stock of Ambuja Cement saw a jump of 10 percent. So in the last one month, the stock of Ambuja Cement has jumped 33 percent.
With the acquisition of Ambuja Cement and its subsidiary ACC by the Andani Group, Aditya Birla has become the second largest cement company in the country after the group’s UltraTech Cement. The stock of Ambuja Cement has gained 33 per cent in the last one month.
Foreign brokerage house Jefferies has given a buy advice to Ambuja Cement shares. Jefferies has given a target of Rs 620 for the stock of Ambuja Cement. So it is advised to buy ACC with a target of Rs.3030.
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