The acquisition will increase Adani Cement's market share by approximately 2 per cent nationwide and by around 8 per cent in southern India.

The stock is up by 61 per cent from its 52-week low of Rs 42.59 per share and gave multibagger returns of over 200 per cent in 3 years.

The cement and construction material company of the Adani Group, has announced an audacious objective to cement its place as a global leader in sustainable cement production. In a huge step towards a greener future, the Company has committed Rs. 6,000 crores in renewable power projects with a capacity of 1,000 MW.

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Ambuja Cements Ltd (Founded in 1993) is one of India’s leading cement manufacturers, with a presence in 80 countries.  

On BSE today, about 1,897 shares have advanced, 1,699 declined and 195 are unchanged. 

The important point is the fact after Adani Enterprises’ inclusion in the Nifty50 index, it forced exchange-traded funds (ETFs) and index funds- on which rides a lot of pension money to buy the stock that traded at an astronomically high P/E multiple.