GAGA Share Market News

[hfe_template id='11223'] [ad_1] Shares of Star Cement rallied 8% to Rs 247.75 on the BSE on Friday after Aditya Birla Group company UltraTech announced it is buying approximately an 8.69% stake in Star Cement for about Rs 851 crore. "The Board of Directors of the Company at its meeting held today considered the proposal and approved making an investment to acquire non-controlling minority stake upto 3.70 crores equity shares of Star Cement at a price not exceeding Rs 235 per share, excluding STT; stamp duty and other levies," UltraTech said in a regulatory filing. It was stated that some promoters and promoter group entities of Star Cement propose to sell their equity holdings and have approached the company. Also read | Billion-dollar bruises in 2024! Reliance Industries among 27 stocks with highest drop in market value Media reports had earlier stated that Ambuja Cement, a part of the Adani Group, was in talks to acquire Star Cement as part of its expansion ...

[hfe_template id='11223'] [ad_1] Shares of Star Cement climbed as much as 13.6% on Wednesday to Rs 222.9 on the BSE following media reports that Adani Group’s unit Ambuja Cement is in talks to acquire the cement maker as a part of its expansion strategy. The deal, which is still under evaluation, has yet to be formally confirmed, though sources indicate that Adani Group has enlisted consultancy firm EY to assess the transaction, according to a Moneycontrol report. Star Cement however said the media report was speculative and it was not engaged in any discussions for acquisition. The shares of the company ended at Rs 207.90 at close of trade on Wednesday, up 5.99% from the previous day's close. Star Cement, the dominant player in the North East cement market, boasts an installed capacity of 7.7 million tonnes per annum (mtpa), with an integrated plant in Meghalaya and four additional grinding units. The company has plans to expand its production capacity to 25 mtpa by...