UltraTech Cement Share Price: A big block deal took place in the stock market on Thursday. UltraTech Cement has bought a major stake in India Cements. Veteran investor Radhakishan Damani and his associated entities have sold 6.91 crore India Cements shares to UltraTech Cement. Let us tell you, due to this block deal, today the shares of UltraTech Cement have seen a rise of more than 5 percent.
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The shares sold by Radhakishan Damani and his associated entities are equivalent to 24 per cent of the total stake. This block deal has been done at the rate of Rs 277 per share. Let us tell you, Radhakishan Damani and his units have received Rs 1914 crore from this block deal.
The share had reached 52 week high
On Thursday, shares of UltraTech Cement closed at 11714.80 with a rise of 5.07 percent on BSE. Earlier, the company’s shares had reached the level of Rs 11,875.95. This was also the company’s 52 week high. 52 week low level of UltraTech Cement is Rs 7940.55. Let us tell you, in the last one year, the price of the company’s shares has seen an increase of more than 40 percent.
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UltraTech Cement has 23 percent share in cement category.
Cement of India is the largest cement producing company in the country. UltraTech’s total stake in FY2024 was 23 percent. During the last 12 months the company had produced 19 million tonnes. The company wants to increase this production to 35 million tonnes with an investment of Rs 32,400 crore in the next 3 years.
At present, UltraTech’s direct competition in the cement sector is with Adani Group companies. Both the groups want to become number one in the cement sector. The current central government is spending a lot of money on infrastructure. In such a situation, cement companies are seeing a lot of potential. Let us tell you, the turnover of India Cements in the financial year 2023-24 was Rs 5112 crore.
