India Cements shares skyrocket 11% as CCI approves acquisition by UltraTech

Shares of India Cements skyrocketed 11% to an intraday high of Rs 376.30 on the BSE after the Competition Commission of India (CCI) approved UltraTech Cement’s primary acquisition and the open offer for acquiring a 32.72% equity stake in the former.

Meanwhile, the shares of UltraTech Cement rallied 1.4% to their day’s high of Rs 11,585.40 on the BSE.

UltraTech’s board had previously approved the acquisition of 10.14 crore (10,13,91,231) shares of The Indian Cements from the promoters and other shareholders, which is the primary acquisition.

Additionally, the company made an open offer to acquire 8.06 crore (8,05,73,273) shares of the company at a price of Rs 390 per share from the public shareholders.

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“We now write to inform you that the CCI has by its letter dated 20th December 2024 unconditionally approved the Primary Acquisition and the Open Offer under Section 31(1) of the Competition Act, 2002,” said UltraTech in an exchange filing.Shares of India Cement have increased by 47.12% in the last one year and by 41.77% in the current calendar year so far. The same has gained 4% in the last one month and by 1.23% in the last 3 months.On charts, the stock is placed well above all its significant exponential moving averages (10, 20, 50, 100 and 200 DEMA).

According to the Trendlyne data, the stock is oscillating near the 35 mark on the relative strength indicator (RSI), which is a mid-range level.

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