Shares of Ambuja Cements Ltd. rose to Rs 509.05 apiece on Tuesday to surpass the pre-Hindenburg report mark of Rs 498.95 (Jan. 24).
This is the second stock from the Adani Group that has clawed back to touch the levels before short-seller Hindenburg's scathing report led to a decline in the group's stocks.
Shares of Ambuja Cements gained 52% to Rs 509.05 from their lowest levels that were seen on Feb. 1 this year.
Shares of Adani Ports and Special Economic Zone Ltd. had crossed the pre-Hindenburg report level in early August.
Year-to-date, the country's leading private port operator's stocks have gained over 23%, while the cement maker's stock has declined by 2.8%.
Ambuja Cements said on Tuesday that it will acquire an additional 2.23% stake in Sanghi Industries Ltd. for Rs 121.90 per equity share, according to an exchange filing. The company has already acquired a 54.51% stake in Sanghi Industries for Rs 5,185 crore.
The earlier acquisition was funded through internal accrual, leading to Ambuja Cements controlling a majority stake in Sanghi Industries. After the acquisition, Ambuja's consolidated capacity has increased to 74.6 million tonnes per annum from the earlier 68.5 MTPA.
The company is also looking to raise its coastal footprint to 15 MTPA across the west coast markets by expanding the existing port at Sanghipuram to accommodate larger vessels.
With multiple triggers, the Adani Group stocks have added $30 billion since November to take the combined market cap to Rs 13.85 lakh crore, leading the charge in an equity market that has shattered records.
Adani Group stocks added as much as Rs 2.03 lakh crore in market cap intraday to investor wealth on Tuesday. The shares gave up some of the gains, adding Rs 1.92 lakh crore in market value at a market capitalisation of Rs 13.85 lakh crore by the close.
Shares of Ambuja Cements closed 7.27% higher at Rs 509.05 apiece, as compared with a 0.81% advance in the Nifty 50.
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