Ambuja stock dips 4%, ACC hits new 1-year low after Adani unveils goal blueprint. Is there more steam?3 min read 28 Mar 2023, 03:09 PM IST
Adani announced that the group plans to double capacity to 140 MTPA from the current 67.5 MTPA going forward in the cement business (Ambuja and ACC). Also, it expects net sales to rise to ₹70,000 crore by FY28 fiscal compared to ₹29,700 crore so far in FY23. EBITDA margins are trajected to expand from 19% to 25% in FY28.
Adani's cement stocks on Tuesday recorded a steep selloff. Both Ambuja Cements and ACC stock have dipped by around 4% each. The slippery slope in Ambuja and ACC comes after the Gautam Adani-backed group released its blueprint for future goals in the cement business. The conglomerate plans to double capacity, focus on high growth states, ramp up demand, increase shares in various verticals, and diversify asset footprint were some of the few major goals.
Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!Let’s get started
Select your Category