Sanghi industries share price: There was a strong rise in the shares of Sanghi Industries, a company of Adani Group related to cement business, on Friday. On the second trading day of the week, this share opened at Rs 99.05 and during trading the price went up to Rs 102.20. This shows a rise of more than 2 percent in the stock. With this, the sluggishness of the last several days of the stock also went away. The 52 week high of the share is Rs 156.20. This price was on 15 January 2024. At the same time, on July 2023, the share was at a 52-week low of Rs 68.50. This stock of Adani Group has given negative returns in a period of six months or a year. At the same time, this week also there was sluggishness in the shares of Sanghi Industries.
Why is the company in the news
Sanghi Industries has been in news for the last few days. In fact, recently Ambuja Cements and Ravi Sanghi announced the sale of 3.52 percent stake in Saurashtra-based cement manufacturing company Sanghi Industries. Let us tell you that Ravi Sanghi is the promoter of Sanghi Industries. Ambuja Cements held 60.44 percent stake in Sanghi Industries as of March 30, 2024, and Ravi Sanghi held 2.10 percent stake in it.
Adani’s dominance increased
Adani Group has been increasing its dominance in the cement business for some time. In this series, recently group company Ambuja Cements acquired Penna Cement Industries Limited (PCIL) for an enterprise value of Rs 10,422 crore. This deal will increase Adani Group’s market share in the cement sector in Southern India. Apart from this, Ambuja Cements will also be able to enter Sri Lanka where PCIL is present through one of its local subsidiaries. The acquisition of Penna Cement will increase Adani Group’s cement production capacity by 14 million tonnes per annum. With this, the total cement production capacity of the group will increase to 89 million tonnes annually.
