Ambuja Cement grows with acquisition of Penna Cement

Shares of Ambuja Cements rallied nearly 2% on Friday to hit a 52-week high after announcing the acquisition of Penna Cement Industries Ltd for an enterprise value of Rs 10,422 crore.

The stock rallied 3.86% to touch a 52-week high of Rs 690 during the session on the BSE, closing at Rs 676.95, up 1.90%. Meanwhile, on the NSE, the stock rose 3.68% to touch a 52-week high of Rs 689 in intraday trading and settled at Rs 673.60, up 1.36%.

This acquisition will increase Adani’s market share in South India and enable entry into the Sri Lankan market. It will also provide significant limestone reserves to Ambuja, which aims to achieve a production capacity of 140 MTPA by FY28. Funded entirely through internal accruals, the acquisition will take Adani Cement’s total production capacity to 89 MTPA.

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