Some of the biggest Adani group backers from the Gulf are likely to be among the largest buyers of the Adani Enterprises' FPO, which is expected to be launched later this month.
Adani Enterprises, the flagship company of Adani Group, was up 3% to Rs 4,057.35 on the BSE in intra-day deal,. It was trading close to its record high level of Rs 4,098.10 touched on November 16
Adani currently holds 63.15 per cent stake in Ambuja Cement and 56.69 per cent in ACC
Analysts expect cement stocks to witness catch up activity after months of underperformance as many negatives seem to be priced-in
Except Ambuja Cements, Ultratech Cement, Ramco Cements, and India Cements need to surpass crucial key levels to lead to a rally ahead
Analysts expect industry margin to bottom out in Q2, with peaking of cost, higher exit of cement prices, and pick-up in construction activity in coming quarters
According to ACC, its EBITDA in the quarter 'stood at Rs 16 crore largely due to steep rise in fuel cost' as against Rs 712 crore earlier