Large Cap stock primarily engaged in the business of manufacturing and sale of cement and cement-related products jumped 2 percent in the day’s trade after Adani Family infused Rs. 6,661 Crores in the company for future growth.
With a market capitalization of Rs. 1,20,886 Crores, the shares of Ambuja Cements Limited were trading at Rs. 610.80, up 1.51 percent from its previous day’s close price of Rs. 601.70.
The Adani Family has further infused Rs. 6,661 Crores in Ambuja Cements Limited. This follows the infusion of Rs. 5,000 Crores infused by the promoters into the Company for exercising the warrants issuance approved by the board of the Company in October 2022.
Following this capital infusion, the Adani family has increased their holding stake in the company by 3.6 percent, attaining a total of 66.7 percent holding.
The fund’s infusion will be instrumental in accomplishing the capacity of 140 million tonnes per annum by 2028 by the cement vertical. This infusion will give capital flexibility for accelerated growth, capital management initiatives, and best-in-class balance sheet strength.
Ambuja Cements Limited is part of the Indian Conglomerate the Adani Group, it is primarily engaged in the business of manufacturing and sale of cement and cement-related products under the brand names, Ambuja Cement, Ambuja Kawach, Ambuja Cool walls, and many more.
Its revenue from operations grew by 2.80 percent from Rs. 7,907 Crores in Q3FY23 to Rs. 8,129 Crores in Q3FY24, accompanied by profits of Rs. 488 Crores to Rs. 1,090 Crores.
Written by: Bharath K.S
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