Ambuja Cements share price was firm after the company announced acquisition of Sanghi Industries. The stock touched high of Rs 468.50 during the first few minutes of trade. Ambuja Cements in owned by Adani Group and the stock witnessed massive decline in valuations after Hindenburg report made claims about financial irregularities at Adani Group. Ambuja Cements and other Adani Group stocks have recovered during the last couple of months.

Ambuja Cements will provide intercorporate deposits worth Rs 300 crore to Sanghi Industries. The acquisition will improve market share of Ambuja Cements. The details of the deal have not been shared yet. But, as per reports, Sanghi Industries could be valued at Rs 6000 crore.

Ambuja Cements stock was down in yesterday’s trading session. The company announced 38 percent decline in net profit for the current quarter. The revenue was firm by 18 percent year-on-year. While the profit was lower, it was in line with market expectations.

While talking about the results, Ajay Kapur, Whole Time Director & CEO, Ambuja Cements said, “Our synergies with the Adani Group companies are lowering input costs, which is boosting EBITDA growth. Furthermore, our blueprint of improvements through Group synergies and CAPEX for efficiency and decarbonization whilst creating opportunities, will redefine the cement industry landscape."

Adani Group also owns controlling stake in cement major ACC.