Ambuja Cements Shares Rise After Adani Group Increases Stake
Ambuja Cements' stock rose as much as 3.28% during the day to Rs 637.8 apiece on the NSE.
![<div class="paragraphs"><p>An Ambuja Cement Ltd.'s signage outside a shop. (Photo: Usha Kunji/ NDTV Profit)</p></div>](https://media.assettype.com/bloombergquint%2F2022-09%2F6b4d198f-d723-4098-9d36-b2270ef736c7%2FAn_Ambuja_Cement_Ltd__s_signange_outisde_a_shop___Source_BQ_Prime_.png?rect=0%2C0%2C524%2C295&auto=format%2Ccompress&w=200)
Shares of Ambuja Cements Ltd. rose over 3% on Thursday after its parent, the Adani Group, infused Rs 8,339 crore into the company. After the infusion, the conglomerate's stake in the cement manufacturer increased to 70.3% from 63.2% earlier. The total capital infusion by the Adani Group stood at Rs 20,000 crore under the warrants programme, according to a statement to the exchanges.
The fresh investment follows Rs 5,000 crore infused in October 2022 and Rs 6,661 crore done last month, which was for part issuance of the shares.
![Ambuja Cements Shares Rise After Adani Group Increases Stake](https://media.assettype.com/bloombergquint%2F2024-04%2F6ddda130-95d4-45bb-937f-6a78f128dd1d%2FAMBUJACEM.png?auto=format%2Ccompress)
Ambuja Cements' stock rose as much as 3.28% during the day to Rs 637.8 apiece on the NSE. It was trading 1.6% higher at Rs 627.4 per share, compared to a 0.15% advance in the benchmark Nifty 50 as of 10:20 a.m.
The share price has risen 63.7% in the last 12 months. The total traded volume so far in the day stood at 4.2 times its 30-day average. The relative strength index was at 58.
Twenty-three out of the 40 analysts tracking the company have a 'buy' rating on the stock, nine recommend 'hold' and eight suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 4.7%.