UltraTech Cement’s shares rose over a percentage point on March 20th due to a positive open in early trading at Rs 9,535.
The Competition Commission of India has approved the transaction associated with the proposed acquisition of Kesoram Cement business, which is part of Kesoram Industries.
According to a regulatory filing, the proposed acquisition concerns grey cement business of Kesoram Industries Limited a s envisaged in a composite scheme of arrangement dated November 30, 2023. Despite dropping 10 percent at the beginning of the year, UltraTech Cement’s shares were quoted at ₹9,498.00, trading 13.68 percent higher on NSE as of 1:54 pm.
In November 2023, UltraTech Cement announced an all-share acquisition of the cement business of Kesoram Industries which is a flagship company of the BK Birla Group. The cost of the acquisition was estimated at about Rs 7,600 crore inclusive of debt. UltraTech Cement is a publicly listed company that is involved in the manufacture and sale of a wide range of construction materials in India.
It offers numerous products including grey cement, white cement, ready-mix concrete, clinker, and building products. During the fiscal third quarter September-December, UltraTech Cement’s net profit rose 67 percent to Rs 1,774 crore, surpassing analysts’ predictions.
The excellent result is attributed to sturdy housing demand and lower operating expenses. Analysts predicted a net profit of Rs 1,714.19 crore for the October-December period.
