New Delhi: Shares of India Cements Ltd jumped over 11 per cent on Thursday after leading cement maker UltraTech Cement said it will acquire around 23 per cent stake in the Chennai-based firm for up to Rs1,885 crore.

The stock soared 13.70 per cent to hit the 52-week high of Rs299 during the day on the BSE. It ended at Rs293.15, up 11.49 per cent. On the NSE, the stock zoomed 11 per cent to settle at Rs291.75. During the day, it climbed 13.77 per cent to Rs298.80 -- the 52-week high.

The company’s market valuation went up by Rs935.9 crore to Rs 9,084.64 crore. Shares of UltraTech Cement also jumped 5.07 per cent to settle at Rs11,714.80 on the BSE. Intra-day, it zoomed 6.51 per cent to hit the one-year peak of Rs11,875.95. At the NSE, the stock climbed 5.44 per cent to Rs 11,749.85. Its market valuation moved up by Rs16,318.77 crore to Rs3,38,203.13 crore.