Why Ambuja Cements share price trading flat despite stock market crash?
Stock market today: Despite stock market crash for the second day in a row, the Indian stock market, Ambuja Cements share price is trading flat during Monday deals. The Adani group company share witnessed some selling pressure in the early morning session, but despite the stock market crash today, Ambuja Cements share price bounced back strongly from its intraday low of ₹593.45 apiece on NSE and touched an intraday high of ₹615.60 per share level, logging around 4 percent jump from its intraday low in the stock market today.
The Adani group stock witnessed an upside after the latest declaration by the company. The Adani Group company declared on Monday that it has signed an agreement to acquire My Home Group's 1.5 MTPA cement grinding unit in Tuticorin, Tamil Nadu.
The acquisition would cost ₹413.75 crore to Ambuja Cements Ltd. Informing Indian stock market exchanges about the acquisition of My Home Group's cement grinding unit in Tamil Nadu, Ambuja Cements said, "Ambuja Cements, the cement and building material company of the diversified Adani Portfolio, signs definitive agreement to acquire My Home Group's 1.5 MTPA Cement Grinding Unit in Tuticorin, Tamil Nadu.
The acquisition estimated at a total value of Rs. 413.75 Crores through internal accruals will aid in enhancing the coastal footprint across the southern markets of Tamil Nadu and Kerela.
The total cement capacity of Adani Group stands at 78.9 MTPA." This acquisition provides access to the southern market customers with an opportunity to experience and instill their trust in one of the most iconic and trusted brands – Ambuja Cement. Furthermore, the limited availability of limestone in Tamil Nadu presents a unique competitive advantage with the coastal movement
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