Ambuja Cements surges 10% in one week; stock inches towards 52-week high

Last week, the Competition Commission of India (CCI) approved Adani Group's acquisition of Ambuja Cements and ACC from Switzerland's Holcim.

Shares of Ambuja Cements hit a nine-month high of Rs 425.25 on gaining 4 per cent on the BSE in Friday’s intra-day trade. The stock was trading at its highest level since November 2021. It inched towards its 52-week high of Rs 443 touched on September 8, 2021.

In the past one week, the stock of the cement major appreciated by 10 per cent after the Competition Commission of India (CCI) approved Adani Group's acquisition of Ambuja Cements and ACC from Switzerland’s Holcim. In comparison, the S&P BSE Sensex was up less than 1 per cent during the week.