The shares of Ambuja Cements, part of the diversified Adani Portfolio, gained in morning trade on Friday after a promoter entity likely divested Rs 4,197.8 crore worth stock at the floor price.
The Adani Portfolio company attributed the sustainable performance to volume growth, cost reduction, and improvement in efficiency parameters.
Ambuja Cements would acquire the 100 per cent stake from Hyderabad-based PCIL promoter group P. Pratap Reddy and family.
Last month, it infused Rs 6,661 crore into the cement company raising their stake in the company by 3.6 to 66.7 per cent.
