HeidelbergCement India Surges on Report Parent Firm Is Eying More Targets
HeidelbergCement India Ltd., a unit of the world's third-largest maker of cement, rose to its highest in more than 2 1/2 years in Mumbai trading after the Economic Times reported its parent plans to buy more companies.
HeidelbergCement India gained as much as 3.3 percent and traded at 63.70 rupees as of 12:04 p.m. local time, extending its gain in the past week to 13 percent and putting it on course for its highest close since October 2007.
Heidelberg, Germany-based HeidelbergCement AG has set aside 8 billion rupees ($179 million) to buy mid-sized companies in India, the Economic Times said, citing an official of the company that it didn't identify. Ashish Guha, managing director of the Indian unit, couldn't immediately be reached for comment on the report.
Among other Indian cement makers that advanced, Madras Cements Ltd. climbed as much as 2.2 percent and traded at 122.2 rupees. Grasim Industries Ltd., the nation's third-largest cement producer, jumped 1.3 percent to 2,865.75 rupees.
To contact the reporter on this story: Ambika Jindal in Mumbai at firstname.lastname@example.org