Shares of India Cements rally over 30% in one week as UltraTech deal impresses investors
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Shares of India Cements have rallied 33% in this week so far attaining a new all-time high of Rs 308.10 in Friday’s session after a 24% stake of the company was bought by UltraTech Cement. Ace investor Radhakishan Damani and related entities had sold around 6.91 crore shares or about 24% stake in India Cements to Ultratech Cement through a block deal on Thursday. The total stake sold by Damani and his entities comes to around 24% and the sale was done at an average price of Rs 277 apiece. Through the deal, Damani and his controlled entities bagged around Rs 1,914 crore. UltraTech's stake in Chennai-based India Cements pits it against Adani group's Ambuja and ACC cement companies for gaining ground in terms of market share. Also read: Initiating Coverage: Brokerage sees 10-26% upside in Coforge, Man Industries & Bandhan BankAnalysts said both Adani and UltraTech have been trying to gain market share and hence consolidation in ...