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India Cements shares surge 5% on strong demand, despite weak market sentiments.
ByAinvest
Monday, Jun 23, 2025 12:54 am ET1min read
India Cements shares surged 5% to a high of ₹318.5 per share on BSE, despite a weak market. The rally came after the company announced plans to sell its equity investment in Industrial Chemicals and Monomers Limited, a subsidiary, for ₹97.68 crore. Franklin Templeton Mutual Fund also bought 2.04 million shares at ₹310.17 per share.
India Cements Limited (ICL) shares surged 5% to a high of ₹318.5 per share on the BSE, despite a weak market, on Monday, June 23, 2025. The rally was driven by the company's announcement to sell its equity investment in Industrial Chemicals and Monomers Limited (ICML), a subsidiary, for ₹97.68 crore. Additionally, Franklin Templeton Mutual Fund purchased 2.04 million shares at ₹310.17 per share, according to National Stock Exchange (NSE) block deal data [1].The buying pressure on India Cements shares came after the company's board approved the sale of ICML to Mirai Sensing Private Limited. Upon completion, ICML will cease to be a subsidiary of India Cements. The sale is expected to be finalized within six months from the date of the agreement [2].
The stock's performance is notable as it comes amidst a broader weak market sentiment, with the BSE Sensex down 1.02% at 81,563.81. The company's market capitalization stood at ₹9,630.06 crore, with a 52-week high of ₹385.5 per share and a 52-week low of ₹223.7 per share [1].
India Cements, a subsidiary of UltraTech Cement Limited, is the largest manufacturer of grey cement and ready mix concrete (RMC) in India. The company, founded in 1946, has grown to a total current cement production capacity of 14.45 million tonnes per annum, with eight integrated cement plants and one grinding unit across various states [3].
References:
[1] https://www.business-standard.com/markets/news/india-cements-share-price-gains-5-percent-in-weak-market-nse-block-deal-franklin-templeton-mutual-fund-125062300218_1.html
[2] https://www.etnownews.com/markets/india-cements-stake-sale-aditya-birla-group-firm-to-sell-this-subsidiary-big-approval-in-board-meeting-today-article-152123929
[3] https://economictimes.indiatimes.com/industry/indl-goods/svs/cement/india-cements-to-sale-its-subsidiary-industrial-chemicals/articleshow/121994040.cms
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