Ultratech Cement Share Price: There was a big block deal in the stock market on Thursday. UltraTech Cement has bought a major stake in India Cements. Veteran investor Radhakishan Damani and his affiliates have sold 6.91 crore India Cement shares to UltraTech Cement. Let us tell you that due to this block deal, shares of Ultratech Cement have seen a jump of more than 5 percent today.
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The shares sold by Radhakishan Damani and his associated entities accounted for 24 percent of the total stake. This block deal has been done at the rate of Rs 277 per share. Let us tell you that Radhakishan Damani and his units have received 1914 crore rupees from this block deal.
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The stock hit a 52-week high
On Thursday, shares of Ultratech Cement closed up 5.07 percent at 11714.80 on the BSE. Earlier, the shares of the company had reached the level of Rs.11,875.95. This was also the company’s 52-week high. Ultratech Cement hits 52-week low of Rs. is 7940.55. Let us tell you that the company’s share price has increased by more than 40 percent in the last one year.
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Cement of India is the largest cement manufacturing company in the country. UltraTech’s total share was 23 percent in FY2024. The company had produced 19 million tonnes in the last 12 months. Company in next 3 years Rs. It wants to increase the production to 35 million tonnes with an investment of 32,400 crores.
At present, UltraTech’s direct competition in the cement sector is with Adani Group companies. Both the groups want to be number one in the cement sector. The current central government is spending a lot on infrastructure. In such a situation, cement companies are seeing a lot of potential. Let us tell you that in the financial year 2023-24, the turnover of India Cements was 5112 crore rupees.