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Shares of Birla Corp hit the upper limit on Monday on acquisition of LafargeHolcim’s plants in the eastern region.
The shares opened at Rs 454.90 against the previous close of Rs 452.95. Birla Corp rose 20 per cent to hit a high of Rs 524 in morning trade.
At about 1 pm, it was quoting at Rs 520.85, up 14.99 per cent or Rs 67.90 on the BSE.
Birla Corp is buying LafargeHolcim's two plants in eastern India for about Rs 5,000 crore.
Analysts said better demand and pricing of cement in the eastern region justified the premium valuations paid for the assets. Also, acquisition of Lafarge's Concreto brand would also help with synergies, they added.
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