Ambuja Cements share price: a company under the Adani Group, stated that it has acquired Penna Cement Industries Ltd. for an enterprise value of ₹10,422 cr.
The share price of Ambuja Cements increased by almost 3% in early trade today, June 14, to reach a 52-week high. This comes after Penna Cement Industries Ltd. (PCIL) was acquired by the Adani Group company for an enterprise value of ₹10,422 crore. On the BSE, the company’s shares increased by as much as 3.86% to reach a new high of ₹690 a share.
Penna Cement is acquired by Ambuja Cements.
According to the agreement, Penna Cement’s current promoter group, Pratap Reddy and family, would sell all of its shares to Ambuja Cements for 100% of the company. The cement maker stated in a regulatory statement that internal accruals would be used to finance the transaction in its entirety. This historic acquisition is a significant step forward in Ambuja Cement’s accelerating growth journey, said Ajay Kapur, CEO and Whole Time Director of the company. By acquiring PCIL, Ambuja would strengthen its position as the cement industry leader in India and increase its market share in South India.
About Ambuja Cement stock, what did brokerages say? Should you buy it?
Emkay Global Financial Services kept its ‘Buy’ call for this company’s shares and its March 2025 target price of ₹700 per share, along with its preference for Ambuja Cements.
With a ₹700 share price objective for this company, Antique Stock Broking kept its “Buy” recommendation.
Macquarie kept its position on Ambuja Cements neutral, aiming for ₹608 as a price.
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According to Jefferies, smaller firms may be further squeezed by the growing market share of major competitors like Ambuja Cements. It stated that the acquisition would raise Ambuja Cements’ overall capacity to 91 million tons.
Citi stated that Ambuja Cements is meeting its growth objectives and gave the company’s shares a neutral call with a target price of ₹675 per share.
