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20% equity stake in India Cements sold via block deal on June 27, driving market excitement and activity.
India Cements share price hits a 52-week high of Rs 298.8, trading up 11.11% at Rs 292, extending previous session's 14% gains.
UltraTech Cement's share price surges 5% to Rs 11,700 on the National Stock Exchange, reflecting positive market sentiment.
Promoter group owns 28.42% of India Cements, while investor Radhakishan Damani and associates hold 20.78%.
UltraTech expects to complete the acquisition within a month, with the entire deal being a cash transaction.
Cement stocks have rallied 6-20% in the last month, with a healthy volume CAGR of 9-10% from FY21 to FY24. Emkay forecasts a steady demand CAGR of 7-8% in the coming years.