Ambuja Cements, Eicher Motors enter the Rs1 trillion market cap group

15 Sept 2022 , 03:28 PM

As their respective stock prices reached all-time highs on Thursday, the market capitalizations (m-cap) of the vehicle manufacturer Eicher Motors and the cement manufacturer Ambuja Cements surpassed Rs 1 trillion.

According to statistics from the BSE, Ambuja Cements was ranked 100th overall by market cap with a value of Rs 1.05 trillion. In intraday trading, shares of the cement manufacturer rose 1% on the market to a new all-time high of Rs 531.70.

The market capitalization of Eicher Motors, meanwhile, reached Rs 1.01 trillion during the intraday session as the company's stock price reached a new high of Rs 3,670.90, up 4% on the BSE. The S&P BSE Sensex, in contrast, was down 0.39 % at 60,112 points at 12:30 PM.

In comparison to the benchmark index, which had increases of 1% apiece over the same time periods, the Ambuja Cements stock has increased 14% over the last week and 37% over the past month.

The Ambuja Cements board of directors is expected to meet on Friday, September 16, 2022, to discuss and assess a proposal for raising money through the issuance of equity shares, convertibles, and/or any other eligible securities, on a rights/preferential basis, or any other permissible mode, and/or a combination thereof, as may be considered appropriate.

The open offer by the Adani family to purchase a further 26% share in ACC and Ambuja Cements expired on September 9, 2022. The Adani family purchased 63 % of Ambuja Cements from Swiss cement giant Holcim, prompting the necessary open proposals in cash to be made. 54.53 % of ACC is owned by Ambuja Cements.

While everything was going on, Eicher Motors also outpaced the market, rising 7% in the last week and 14% in the previous month. Additionally, compared to Sensex's 8% growth during the last six months, it has increased by 60%.

Globally, the middleweight motorcycle market is led by Eicher Motors, the parent company of Royal Enfield (RE) (250cc - 750cc). Additionally, Eicher Motors holds a controlling interest in the joint venture between AB Volvo of Sweden and VE Commercial Vehicles (VECV).

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