The shares of Ambuja Cements Ltd have risen high and continued their upward march, hitting an over three-month high of Rs 387.45, up 3 per cent on the BSE in today’s trade. The stock has traded at its highest level since January 14, 2022. The S&P BSE Sensex was down 0.92 per cent at 56,669.
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In the April month, the stock of the cement company has rallied 29 per cent on reports that the company’s foreign promoter, Holcim Ltd, the world’s biggest cement maker, is considering a potential sale of businesses in India, including Ambuja Cements.
Ambuja Cements’ stock hit a 52-week high of Rs 442.95 on September 8, 2021. In comparison, the S&P BSE Sensex was down 3 per cent, while ACC was up 7 per cent during the same period.
The Swiss giant is gauging interest in its controlling stake in Ambuja Cements. Deliberations are in the early stages and may not lead to a transaction, media reported.
Neither Holcim nor its Indian subsidiaries Ambuja and ACC have offered any comments.
