Billionaire Gautam Adani Stock: 52-Week high, 108 pc Returns, Mega Expansion Plan; ICICI Securities Recommends ‘BUY’
Ambuja Cements Share Price Target 2024, Ambuja Cements Latest News on Adani Family Fund Infusion: Ambuja Cements share price climbed nearly 4 per cent in Thursday’s trading session after billionaire Gautam Adani‘s family infused an additional Rs 8,339 crore in the firm to help the cement maker’s manufacturing capacity. The latest infusion raises the Adani family stake in Ambuja Cement by 3.6 per cent to 70.3 per cent. Billionaire Gautam Adani’s family infused an additional Rs 8,339 crore in Ambuja Cements, raising its stake in the company to 70.3 per cent, to help the cement maker’s manufacturing capacity.
Ambuja Cements Share Price Today News NSE BSE
Ambuja Cements stock jumped 3.88 per cent to Rs 640.95 — its 52-week high — on the BSE. At the NSE, it climbed 3.27 per cent to Rs 637.80 apiece.
Adani Family Raises Stake in Ambuja Cements
The Adani family previously invested Rs 5,000 crore in the company on October 18, 2022, and Rs 6,661 crore on March 28, 2024. With the latest investment, it has completed Rs 20,000 crore planned infusion, the company said in a statement on Wednesday. “The promoters of the company – Adani family – have fully subscribed to the warrants program in the company by further infusing Rs 8,339 crore, thereby infusing a total amount of Rs 20,000 crore,” it said.
Ambuja Cements Share Price Target 2024
The domestic broking firm ICICI Securities has a ‘BUY’ call on Ambuja Cement, raising the target price to Rs 831 per share, up 35 per cent from current market price.
“Ambuja has every recipe to deliver sector outperformance, given that (a) the company is walking-the-talk towards capacity creation, (b) its cushion of rising cost-efficiency (which may give a leg up vs peers), and (c) its core RoE (excluding cash) is seen sustaining at 11-14 percent,” ICICI Securities said.
Ambuja Cements Expansion Plans
The 1.5 MTPA cement grinding mill owned by My Home Group in Tuticorin, Tamil Nadu, will be purchased by Adani Group companies Ambuja Cements and Building Materials for a sum of Rs 413.75 crore. It is anticipated that the acquisition will expand the company’s presence in Tamil Nadu and Kerala, two southern markets.
Ambuja Cements Share Price History
Adani-owned Ambuja Cements has delivered multibagger returns of 108.31 per cent in the last three years, making investors richer with massive gains. In the last 180 days, the stock multiplied investors wealth by a whopping 45 per cent, as per BSE data.
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