News for Star Cement Limited (STARCEMENT.BO)

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Feb 06, 2025 / 10:30AM GMTOperator Ladies and gentlemen, good day, and welcome to Star Cement Limited earnings call for quarter and nine months ended December 3

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The Indian market closed 2024 with an 8% annual return, marking the ninth consecutive winning year. On the year's final trading day, Sensex dropped 109 points, and Nifty ended flat amid foreign fund outflows and IT sector weakness.

ICICI Securities recommends holding Star Cement with a target price of Rs 227, while it currently trades at Rs 231.55. Star Cement reported a consolidated total income of Rs 643.18 crore for the quarter ended 30-09-2024. UltraTech Cement has approved acquiring an 8.69% non-controlling stake in Star Cement, priced at Rs 235 per share.

Indian markets declined on Monday, with selling pressure in banks and auto stocks. Subdued trading volumes and FII outflows weighed on sentiment. A strengthening dollar and high valuations also impacted the market. IT and pharma sectors outperformed.

UltraTech Cement, India's largest cement producer, approved a plan on Friday to acquire up to 3.70 crore equity shares of Star Cement at a maximum price of Rs 235 per share in an all-cash transaction.

UltraTech Cement acquires 8.69% stake in Star Cement, aiming to strengthen its position as India's largest cement producer.

The scrip traded higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). The stock's 14-day relative strength index (RSI) came at 63.70. A level below 30 is defined as oversold while a value above 70 is considered overbought.

"The Board of Directors of the company at its meeting held today considered the proposal and approved making an investment to acquire non-controlling minority stake up to 3.70 crore equity shares of Star Cement at a price not exceeding Rs 235 per share," UltraTech stated in a BSE filing.

In the Nifty 50 index, 37 stocks ended in the green, while 13 stocks closed in the red in today's trade.

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In the Nifty 50 index, 14 stocks were trading in the green, while 36 stocks were trading in the red.

On Wednesday, Star Cement shares ended 6% higher amid reports that Ambuja Cements is in talks to acquire stake in the company.

Star Cement share price: Star Cement jumped 13.66 per cent to hit a day high of Rs 222.95. The scrip was last seen trading 6.09 per cent up at Rs 208.10. At this price, it has climbed 17.64 per cent in the calendar year 2024 so far.

Stock market holiday: During the previous session on Tuesday, domestic benchmarks settled lower as energy shares dragged. The 30-share BSE Sensex pack shed 33 points or 0.04 per cent to end at 84,266. The broader NSE Nifty index edged down 14 points or 0.05 per cent to close at 25,797.

The Nifty Auto index closed 1.67 per cent up at 21046.4.

The Nifty Bank index closed 0.38 per cent up at 46863.75.

Top Nifty gainers included UPL, Maruti Suzuki, Hero MotoCorp, Bajaj Auto and Sun Pharma, while losers were Wipro, Infosys, LTIMindtree, HCL Technologies and TCS