The shares of Ambuja Cements Limited opened at Rs 439 on Wednesday and climbed up by approximately 4 percent to reach its new all-time high of Rs 457.50. The stock surpassed its previous all-time high of Rs 442.95 which it reached in September 2021. 

The stocks made a new high ahead of the closure of the open offer made by the Adani group to acquire the company. The group’s Mauritius-based firm Endeavour Trade and Investment on August 26, 2022, launched its Rs 31,000-crore open offer to acquire a 26 percent additional stake from the public shareholders of Ambuja Cements and ACC. 

The stock has zoomed by approximately 9 percent in the past five days. In the span of a month, it has inched up by almost 17 percent. In the past six months, the stock has delivered a return of 58 percent. 

According to analysts at Emkay Global Financial Services, cement industry volumes are likely to have risen by a low single-digit YoY, while waning by a mid-single-digit MoM in August 2022, given the accelerating monsoons, the harvesting season, and restriction on sand-mining in several states, which see heavy rains. 

In Q1FY23, the company reported a 15 percent increase in its total revenue to Rs 8,032 crores up from Rs 6,978 crores which it earned in the same quarter a year earlier. In the previous quarter, their revenue stood at Rs 7,900 crores. 

In the quarter under review, their net profit stood at Rs 859 crores which is a decline from Rs 1,156 crores which they earned in Q1FY22. On a sequential basis, their profits stood at Rs 850 crores in the period. 

Ambuja Cements Limited is one of India’s leading cement manufacturers, with a presence in 80 countries, and a focus on cement, aggregate, and concrete. 

Written by Anoushka Roy


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