Star Cement shares jumped more than 7 per cent on the NSE (National Stock Exchange), after Ultratech Cement's board of directors approved to buy stake in star cement from company's promotors, according to the exchange filling of the Ultratech Cement.

The shares of the Star cement went on to touch the day high level of Rs 247.30 per share on the Indian exchanges after the shares hit the opening bell at Rs 240.00 per share.

Star Cement share were trading around Rs 236.78 per share on the Indian bourses with a respectable surge of 2.95 per cent amounting to a Rs 6.78 per cent.

Stake acquisition details

Ultratech Cements' stock exchange filing states that the company's Board of Directors reviewed the proposal at its meeting today and authorized investing up to 37 million equity shares of Star Cement in a non-controlling minority stake at a price of no more than Rs 235 per share, exclusive of STT, stamp duty, and other levies.

Ultratech Cement stated that the acquisition price for an 8.69 per cent stake would not exceed Rs 851 crore. The business anticipates finishing the acquisition of Star Cement in a month.

Star Cement Q2 FY25

In September 2024, net sales were Rs 396.67 crore, a 34.13 per cent decrease from Rs 602.23 crore in the same month the previous year.

In September 2024, the quarterly net loss was Rs. 37.87 crore, a decrease of 203.1 per cent from the previous year's Rs. 36.73 crore.

Star Cement Q2 FY25 EBITDA

EBITDA is down 104.8 per cent from Rs. 82.48 crore in corresponding quarter of the previous fiscal year to Rs. 3.96 crore in September quarter of financial year 2024.