Ambuja Cements rose 3.64% to Rs 199.05 at 15:15 IST on BSE, with the stock extending recent gains triggered by the High Courts of Gujarat and New Delhi approving the Scheme of Amalgamation of Holcim India with the company.
Meanwhile, the S&P BSE Sensex was up 124.22 points or 0.56% at 22,338.59.
On BSE, so far 1.93 lakh shares were traded in the counter as against average daily volume of 1.17 lakh shares in the past one quarter.
The stock hit a high of Rs 199.20 and a low of Rs 193.25 so far during the day. The stock had hit a 52-week high of Rs 211.90 on 18 July 2013. The stock had hit a 52-week low of Rs 147.55 on 28 August 2013.
The stock had outperformed the market over the past one month till 27 March 2014, surging 16.04% compared with Sensex's 5.85% rise. The scrip had, however, underperformed the market over the past one quarter, advancing 4.01% as against Sensex's 4.82% rise.
The large-cap company has equity capital of Rs 309.25 crore. Face value per share is Rs 2.
Shares of Ambuja Cements have risen 8.71% in three trading sessions from Rs 183.10 on 24 March 2014, after the company during trading hours on Wednesday, 26 March 2014 said that High Courts of Gujarat and New Delhi have approved the Scheme of Amalgamation of Holcim India with the company. The High Court of Gujarat while sanctioning the Scheme of Amalgamation has also approved the reduction of capital of the company as envisaged in the scheme, Ambuja Cements said. Certified copies of the order from both the High Court is awaited. The effectiveness of the scheme is subject to fulfillment of conditions precedent specified therein, Ambuja Cements said.
Ambuja Cements' net profit surged 49.3% to Rs 316.50 crore on 5.3% decline in net sales to Rs 2191.34 crore in Q4 December 2013 over Q4 December 2012.
Ambuja Cements is engaged in manufacturing and marketing cement and clinker for both domestic and exports markets.
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