Star Cement shares surge over 13% on reports of potential acquisition by Adani-led Ambuja Cement
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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...