New Delhi: The shares of Ambuja Cements and FSN E-Commerce Ventures Ltd (Nykaa) were trading in Green on August 23, 2024, i.e. Friday. The stock gained after reports of block deals emerged. Ambuja Cements stock traded at Rs 638.40 per equity share at 11:11 am, while Nykaa stock went up over 6 per cent to trade at 223.90.
Why Ambuja Cements shares are in Green
Adani group promoters are planning to sell up to 3 per cent of their shares in Ambuja Cements for $500 mn as part of holdings adjustment in the group, reports said. If all goes well, the promoters will sell around 7 crore shares in the cement maker for Rs 4,198 crore.
Gautam Adani-led Adani group has shares worth USD 125 billion across the 10 listed companies of the conglomerate.
Adani group bought Ambuja in 2022 from Holcim Ltd to emerge as India’s second-largest cement maker overnight. The conglomerate is going ahead with stake sale through block deals as it will boost the public float of the company.
On August 19, 2024, Adani Group announced to have enough cash to cover more than 30 months of debt payments.
“EBITDA (in April-June) surged by 32.87 per cent year-on-year to reach Rs 22,570 crore, resulting in a trailing twelve-month (TTM) EBITDA of Rs 79,180 crore, marking a 45.13 per cent increase over the corresponding TTM of the previous year,” the group said.
Nykaa share price jumps over 6%
FSN E-Commerce Ventures share price rallied around 19 per cent on August 21 to hit an intraday high of Rs 228. Nykaa stock is on the rise as it is expanding its stake in homegrown skincare brand Dot & Key. The Beauty and fashion retailer is increasing its stake in Dot & Key to 90 per cent from 51 per cent.
Reports also claimed that Nykaa promoter Harindarpal Singh Banga is planning to sell a 1.4 per cent stake in the company.
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The share price of Ambuja Cements and FSN E-Commerce Ventures Ltd (Nykaa) are on the rise on August 23, 2024. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
