ACC UltraTech Cement

The shares of Ambuja Cement closed at Rs 453 a share -- far above the open offer price of Rs 385 a share -- making the offer unattractive for its shareholders.

Adani group on Friday launched its Rs 31,000-crore open offer to acquire 26 per cent additional stake from the public shareholders of Swiss firm Holcim's two Indian listed entities ACC Ltd and Ambuja Cements. In May this year, the Adani Group had announced that it had clinched a deal to acquire a controlling stake in Holcim Ltd's businesses in India for USD 10.5 billion. Markets regulator Sebi granted approval for the open offer last week. The open offer is estimated at over Rs 31,000 crore if fully subscribed. In two separate regulatory filings, Ambuja Cements and ACC have submitted their letter of offers for the open offer, launched by the Adani family group's Mauritius-based firm Endeavour Trade and Investment. As per the revised schedule submitted by ICICI Securities and Deutsche Equities India, managers to the open offer, the tendering of shares opens from August 26 and will end on September 9, 2022. In May, the Adani Group had made an open offer at Rs 385 per share for Ambuj

The 200-DMA is acting as a major hurdle for major stocks like ACC Ltd, Adani Ports, and Asian Paints, among others

In the recent past, demand remained muted in north, central and western India at 3-5 per cent and volume growth declined by around five per cent in south India

After a period of meaningful underperformance/valuation de-rating in the second half of last year, analysts at JP Morgan see the case for a positive trade for the stocks over the next few months.

Cement brands sharpen their positioning strategies

OCL India, Dalmia Bharat, Sanghi Ind, HeidelbergCement India and Shree Cement were up over 3%

ACC, India Cements and Orient Cement have rallied more than 5% on BSE.