Ambuja Cements Ltd. acquired Sanghi Industries Ltd. in an all-cash deal on Thursday, valuing the company at an enterprise value of Rs 5,000 crore.
After news of this deal hit the markets, there was erratic movement in shares of cement companies. The news positively impacted shares of smaller companies, while those of larger conglomerates declined.
Companies with higher cement capacities, such as UltraTech Cement Ltd., Dalmia Bharat Ltd., and Ramco Cements Ltd., were in the red. Smaller companies, in terms of cement capacities, such as Burnpur Cement Ltd., Udaipur Cement Works Ltd., and Shree Digvijay Cement Ltd., were trading in the green.
Here are the cement capacities of the top gainers and losers in Thursday's session:
Shares of companies with lower cement capacities saw a rise in their intraday highs. Burnpur Cement, Udaipur Cement Works, Shree Digvijay Cement, Star Cement Ltd., and Mangalam Cement Ltd. saw intraday highs of 9.78%, 13.89%, 7.86%, 6.18%, and 7.91%, respectively, at closing on Thursday, according to Cogencis data.
Shares of companies with higher cement capacities saw stunted intraday highs. Ramco Industries Ltd., Ramco Cements, UltraTech Cement, and Dalmia Bharat saw low intraday highs of 0.65%, 0.11%, -0.03%, and -0.26%, respectively.
Here is how the stocks performed in today's session:
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