UltraTech down after announcing plan to acquire stake in renewable energy firm

New-Delhi based Amplus Ages is engaged in generation and transmission of renewable energy

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UltraTech Cement was trading lower on January 12 morning after the Aditya Birla Group company announced plan to acquire a 26 percent equity in Delhi-based Amplus Ages for Rs 49 crore.

At 9.40 am, the stock was trading at Rs 9,868.75 on the National Stock Exchnage, down 0.5 percent from the previous close.

UltraTech Cement  had entered into a “share subscription and shareholders agreement” to acquire 26 percent equity shares of Amplus Ages for Rs 49 crore, the company told exchanges on January 11.

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The acquisition is for meeting the company’s green energy needs, optimising energy cost and comply with regulatory requirements for captive power consumption under electricity laws, it said.

Amplus Ages is engaged in generation and transmission of renewable energy.

Also read: UltraTech Cement to acquire 26% in Amplus Ages by investing Rs 49 crore

Recently, brokerage firm Nomura upgraded Ultratech Cement from “neutral” to “buy” with a target price of Rs 11,500.

According to the brokerage, the Indian cement industry showed robust volume growth of 17 percent year-on-year in the first half of FY24. The momentum was expected to persist in the second half as well.

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