There is also a company of Adani Group whose share price is less than Rs 110. The name of this share is Sanghi Industries. The share price of this company related to cement business is currently around Rs 105. There has been a stormy rise in this stock since last few days. Talking about last Friday itself, the share reached Rs 112.70 as compared to the previous closing of Rs 103.08. At the end of trading, the share closed at Rs 105.81. The stock registered a gain of 2.65%. This stock, which reached a price of Rs 156.20 in January 2024, went as low as Rs 65.58 in June last year. Both these prices are 52 week high and low of the share.
Reason for rise in shares
Actually, Ambuja Cements, the promoter company of Sanghi Industries, has made a big deal. Under this, Ambuja Cements on Thursday announced the purchase of Hyderabad-based Penna Cement in a cash deal at an enterprise value of Rs 10,422 crore. This acquisition will not only help the group strengthen its presence in South India but will also enable it to enter the Sri Lankan market. Earlier, Ambuja Cement had a bulk cement terminal in Sri Lanka, which later became part of Swiss building materials manufacturing company Holcim. Holcim had sold its India cement business to Adani Group in 2022.
Dominance is going to increase
Adani Group, the country’s second largest cement producer, said it is focusing on expansion of existing projects and the acquisition of Penna Cement will help it achieve a production capacity of 140 million tonnes per annum. The company expects to complete this deal in the next three-four months. However, this will depend on regulatory and other government approvals.
