Adani Group Stocks: The competition for dominance and supremacy in the sector between Aditya Birla Group’s cement company Ultratech Cement and Adani Group’s cement companies is not hidden from anyone. After UltraTech Cement buying stake in India Cement, now it is Adani Group’s turn. Adani Group can buy the India-based cement companies of German company Heidelberg Materials. For this, Adani Group has started talks with the German company.
According to an ET report, Adani Group’s cement company Ambuja Cement can buy Heidelberg Materials’ cement companies in India for $1.2 billion or Rs 10,000 crore. Adani Group and UltraTech Cement are busy buying cement companies to increase their market share. Heidelberg is one of the largest cement companies in the world and operates two companies in India namely Heidelberg Cement and Zuari Cement, in which Heidelberg Cement is a listed company on the stock exchange.
After the news of Adani Group buying Heidelberg cement companies came to light, the stock of Heidelberg Cement reached Rs 258, a jump of 18.34 percent from the previous closing price of Rs 218. The share has now come down from the upper level and is currently trading at Rs 233.64 with a rise of 6.81 percent. Whereas Ambuja Cement shares are trading at Rs 589.50 with a decline of 3.50 percent.
Adani Group had entered the cement sector in the year 2022 by purchasing Ambuja Cement and ACC from Holsing Group for $6.4 billion. After this, Adani Group had decided to buy Sanghi Cement for Rs 5185 crore and Penna Cement for Rs 10422 crore. Whereas UltraTech Cement has bought 32.72 percent stake in India Cement and had also brought an open offer for 26 percent stake.
read this also
Stock Market Crash: PM Modi had advised to invest in PSU stocks, now shares are falling heavily!
