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Citi retains a Buy rating on UltraTech Cement, setting a target price of ₹12,500. The brokerage notes that UltraTech has received unconditional approval from the Competition Commission of India (CCI) for its acquisition of India Cements Limited and the subsequent open offer.

While UltraTech had previously received a notice from the CCI suggesting a potential adverse competitive impact, the latest clearance marks a significant step forward. Citi awaits further updates on investments aimed at improving the operational efficiency of India Cements’ plants, which could enhance overall synergies. This development reinforces UltraTech’s position as a market leader in the cement industry.

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