Stocks to watch: SBI, Hero Moto, ACC, Ambuja Cements
ACC Limited, an Indian cement manufacturer with its corporate office in Mumbai, was formerly known as The Associated Cement Companies Limited. It is a unit of the Adani Group and a subsidiary of Ambuja Cements. The Associated Cement Companies Limited became ACC Limited on September 1, 2006. On August 1, 1936, the company was founded in Mumbai, Maharashtra.
On Friday, the Adani family announced that it has finished investing in ACC share price, ranking it as the nation’s second-largest cement producer. According toa statement, the Adani family completed the acquisition through their particular purpose business, Endeavour Trade and Investment Ltd, after concluding the deal with the Swiss company Holcim through an open offer.
According to SEBI regulations, “the transaction entailed the acquisition of Holcim’s holding in Ambuja and ACC together with an open offer in both firms,” it stated.
Quarterly Results Q2 FY23
- Compared to the previous year’s quarters, ACC’s net sales increased to Rs. 3,910 crore from Rs. 3,653 crore.
- In the period ending September 30, 2022, EBITDA was Rs. 16 crore, mainly due to the sharp increase in gasoline prices.
“The cement sector, particularly ACC, will have its customary comeback in the post-monsoon quarter. Due to the sharp increase in fuel prices, we have recently experienced severe cost pressure.
However, the current drop in energy prices would benefit us in the upcoming quarters, according to Mr. B. Sridhar, Whole-Time Director & CEO of ACC Limited. “ACC experienced a tremendous increase in RMX volume of 10% during the quarter, and RMX business remains a massive growth engine for the future.Our capacity expansion endeavour through our new green field projects at Ametha is proceeding well and is anticipated to be operational by March 2023.
Stocks to watch out
Ambuja Cements: On October 8, the Adani family, who had just purchased Ambuja Cements, summoned an extraordinary general meeting of its shareholders. Ambuja Cements will ask shareholders’ consent at the Extraordinary General Meeting for the nomination of Gautam Adani and other board members, as well as a 20,000-rupee financial injection into the business through preferential warrant allocation.
Hero MotoCorp: With the release of its first model on the domestic market next month, the nation’s largest two-wheeler manufacturer, Hero MotoCorp, is prepared to enter the electric vehicle industry. A new age in mobility is about to begin, the business claimed in a regulatory filing, hinting at a Vida brand event on October 7, 2022. These leaders have sent invitations to the event in Jaipur, Rajasthan, dealers, investors, and international distributors.
SBI: State Bank of India, the biggest lender in the country, said on Friday that it had bought an additional 14% of SBI Global Factors Ltd from other shareholders, making the company a 100% subsidiary. According to a regulatory filing, SBI has bought 13.82% of the stock held by current shareholders SIDBI (6.53%), Bank of Maharashtra (4.34%), and Union Bank of India (2.95%).
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