๐ Ambuja Cement Share Price Soars to 610 Rupees on Friday
Industrialist Gautam Adani’s group has invested 8,339 crore rupees in Ambuja Cement, increasing their stake in the company to 70.3%. This information was disclosed in the company’s exchange filing. The Adani family had previously invested 5,000 crore rupees in Ambuja Cement on October 18, 2022, and then made an additional investment of 6,661 crore rupees on March 28, 2024, increasing their stake to 66.7%.
On Friday, April 19, 2024, the share was trading at 610 rupees with a 0.86% decrease. The company stated, “This investment will strengthen our financial position.” CEO of Ambuja Cement, Ajay Kapoor, said, “We are delighted to announce the completion of Adani Group’s initial investment of 20,000 crore rupees in Ambuja Cement.”
The Adani Group had acquired Ambuja Cement and ACC Cement for 10.5 billion dollars in June 2022. The company informed the stock market that this investment of 8,339 crore rupees will be crucial to achieve an annual cement capacity of 14 million tonnes by 2028. It will also enhance several strategic decisions, including reducing capital costs and improving operational performance by enhancing efficiency in the supply chain.
Ambuja Cement’s share has provided a return of 105% to investors in the past three years. There has been a surge of over 57% in the share price in one year. As of 2024, the stock has grown by more than 18%. In the last three months, the share has given a return of 17%, and in less than a month, the share is up by 3%.
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