Adani Group shares zoom up to 8% on deal to buy Holcim India assets

Shares of Adani Group zoomed up to 8 per cent on Monday after the Gautam Adani-owned Adani Group announced a deal to acquire Switzerland-based Holcim's businesses in India for $10.5 billion.

Adani Enterprises stock zoomed to an intraday high of Rs 2,150, rising 4.62 per cent on BSE. The stock opened with a gain of 2.14 per cent today. It trades higher than 50-day, 100-day and 200-day moving averages but lower than 5-day and 20-day moving averages. Adani Enterprises stock has zoomed 24.66 per cent in 2022 and gained 74.57 per cent in a year.

Similarly, shares of Adani Transmission gained marginally to Rs 2,257 against the previous close of Rs 2,215.75 on BSE. The stock is trading higher than 100-day and 200-day moving averages but lower than 5-day, 20-day and 50-day moving averages.

Adani Wilmar stock logged a fresh high of Rs 595 today. It gained 4.16 per cent intraday after falling 5 per cent in early trade. The stock is trading higher than 50-day, 100-day and 200-day moving averages but lower than 5-day and 20-day moving averages.

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Shares of Adani Ports have gained after eight days of consecutive fall.  The stock touched an intraday high of Rs 724.85, rising 2.66 per cent on BSE. Adani Ports stock has fallen 1.16 per cent in 2022 and slipped 1.66 percent in a year. Adani Ports shares are trading lower than 5-day, 20-day, 50-day, 100-day and 200-day moving averages.

Another Adani Group firm Adani Green Energy was trading 8.21 per cent higher at Rs 2350 on BSE. The large cap stock has gained after 2 days of consecutive fall. The stock opened with a gain of 3.61 per cent at Rs 2,250 today against previous close of Rs 2,171.70 on BSE.

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Stock of Adani Total Gas climbed 2 percent to Rs 2,424 against the previous close of Rs 2,376.05 on BSE. The stock trades higher than 5-day, 50-day, 100-day and 200-day moving averages but lower than 20-day moving averages.

Adani Power stock too gained 5 per cent to Rs 267.35 against the previous close of Rs 254.65 on BSE. The stock was stuck in the upper circuit of 5 per cent since early trade. It has gained 10.22 per cent in the last 2 days. It has gained 178.93 per cent in one year and risen 168 per cent since the beginning of this year.

Adani Group said that it had entered into definitive agreements for the acquisition of Switzerland-based Holcim Ltd's entire stake in two of India's leading cement companies - Ambuja Cements Ltd and ACC Ltd.

Holcim, through its subsidiaries, holds 63.19 per cent in Ambuja Cements and 54.53 per cent in ACC (of which 50.05 per cent is held through Ambuja Cements). The value for the Holcim stake and open offer consideration for Ambuja Cements and ACC is $10.5 billion.