India Cements Stock Price: Shares of India Cements fell by almost 13 percent during intraday on January 22 and the price touched a low of Rs 303.45 on BSE. There was selling pressure on shares due to increase in the company’s standalone net loss in the October-December 2024 quarter. The company’s standalone loss during the quarter widened by 2497.45 per cent year-on-year to Rs 428.84 crore, from Rs 16.51 crore a year ago.
On a standalone basis, India Cements’ net sales declined to Rs 903.16 crore in the December 2024 quarter. Sales in the same quarter a year ago were Rs 1,081.88 crore. Not only this, an EBITDA loss of Rs 188.4 crore was recorded in the December 2024 quarter, while in the December 2023 quarter the company saw an EBITDA profit of Rs 49 crore.
Now UltraTech Cement is the majority shareholder
Aditya Birla Group company UltraTech Cement has become the majority shareholder in India Cements. For this, a deal worth Rs 7000 crore has been approved by the Competition Commission of India. UltraTech Cement already had 22.77 percent stake in the company. In December 2024, UltraTech Cement completed the purchase of another 10,13,91,231 equity shares or 32.72% stake. After this, UltraTech’s stake in India Cements has now increased to 55.49 percent with 17,19,55,887 shares.
Shares of Macrotech Developers fell by 7%, sentiments deteriorated due to infighting between Lodha brothers on trademark.
India Cements shares rose 26 percent in one year
The market cap of India Cements has reached Rs 9,800 crore. The stock has risen 26 percent in a year, while it has fallen 15 percent in just one week. Now UltraTech Cement has become the promoter of the company. Analysts at brokerage Motilal Oswal have given a target price of Rs 310 per share while maintaining ‘Sell’ rating for India Cements shares.
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