India Cements Surges 8%

New Delhi: Shares of India Cements ended 8 per cent higher on Monday after the Competition Commission of India (CCI) cleared billionaire Kumar Mangalam Birla-promoted UltraTech Cement’s proposal to acquire a majority stake in the firm.The stock soared 8.01 per cent to close at Rs 366.15 on the BSE. During the day, it zoomed 11 per cent to Rs 376.30. At the NSE, it surged 7.71 per cent to settle at Rs 365.30. Intra-day, the stock jumped 10.92 per cent to Rs 376.20. UltraTech Cement’s stock ended 0.28 per cent higher at Rs 11,456.50 after climbing 1.40 per cent to Rs 11,585.40 in intra-day trade on the BSE.

“The proposed combination envisages UltraTech Cement Ltd’s (UltraTech/acquirer) acquisition of 32.72 per cent of the paid-up equity share capital of India Cements Ltd (India Cements/target) from the promoters and members of the promoter group of India Cements and Sri Saradha Logistics Pvt Ltd,” CCI said in a release on Friday.