Sanghi Industries Shares Hit Upper Circuit After Ambuja Buys Additional Stake
Ambuja Cements Ltd. acquired an additional of 2.23% stake in Sanghi Industries on Dec. 5.
![<div class="paragraphs"><p>Ambuja Cements bags. (Photo: Usha Kunji/BQ Prime)</p></div>](https://media.assettype.com/bloombergquint%2F2023-11%2F3c3eb2b8-1154-4b09-8122-510128e78749%2FAmbuja_Cement_bags___Photo_Usha_Kunji_BQ_Prime_.jpg?rect=0%2C0%2C3650%2C2053&auto=format%2Ccompress&w=200)
Shares of Sanghi Industries Ltd. soared to all-time high and were locked in upper circuit of 4.99% on Wednesday, as investors cheered Ambuja Cement Ltd.'s acquisition of additional stake in the company.
Ambuja Cements Ltd. acquired an additional of 2.23% stake in Sanghi Industries on Dec. 5. It previously held 54.51% stake in Sanghi Industries. Post the additional stake acquisition, Ambuja holds 56.74% of the voting share capital in Sanghi Industries.
Sanghi Industries and Incor Realty have agreed to revise the sale consideration of Rs 125 crore for non-core surplus land, on account of certain improvements in the land condition and certain other factors, according to an exchange filing.
![Sanghi Industries Shares Hit Upper Circuit After Ambuja Buys Additional Stake](https://media.assettype.com/bloombergquint%2F2023-12%2Fe2ded0ad-b804-4ee7-b14b-2e9f581d1861%2FSANGHIIND.png?auto=format%2Ccompress)
Shares of Sanghi Industries were locked in upper circuit of 4.99% at Rs 135.70 apiece, as of 10:49 a.m. This compares to a 0.33% advance in the NSE Nifty 50.
The stock has risen 93.58% on a year-to-date basis. Total traded volume so far in the day stood at 0.6 times its 30-day average. The relative strength index was at 74.47, indicating that the stock may be overbought.
The two analysts tracking the company maintain a 'buy' rating. The average 12-month consensus price target implies an upside of 40%.
Disclaimer: AMG Media Networks Ltd. (AMNL) currently owns 49% stake in Quintillion Business Media Ltd. (QBML), the owner of BQ Prime Brand. AMNL has entered into an MOU to acquire the balance 51% stake in QBML. Post acquisition, QBML will become a wholly owned subsidiary of AMNL.