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“Holcim was a willing partner losing market share to UltraTech and Shree Cement. But that is unlikely to happen now and Adani is going to grow the business quite aggressively. But it will still be a wait and watch because we have historically seen that volumes do not really matter that much, as do EBITDA margins.”

ACC climbed 4.6 per cent to Rs 2,212. Ambuja Cements added 2.3 per cent to 366.80.

The global cryptocurrency market cap was trading sharply higher at the $1.31 trillion mark, rising close to 3 per cent in the last 24 hours. However, the total cryptocurrency trading volume dropped about 10 per cent to $78.40 billion.

The company, which makes Royal Enfield Motorcycles, had reported a net profit after tax of Rs 526 crore in January-March quarter of the 2020-21 fiscal.

Alkem Laboratories Ltd., incorporated in the year 1973, is a Large Cap company (having a market cap of Rs 33880.54 Crore) operating in Pharmaceuticals sector.

"We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1,790 and resistance at $1,830 per ounce. MCX Gold June support lies at Rs 49,700 and resistance at Rs 50,200 per 10 gram," said Tapan Patel, Senior Analyst (Commodities), HDFC Securities.

“Over a period of years, the Adani Group will look to match UltraTech in size which today is about double – they are about 120 million tonnes versus Holcim’s 70 million tonnes. But I doubt very much whether it could be done in five years. In the past, I do not think anybody has been able to do that kind of expansion.”

Analysts believe weakness in the sector may continue in the short term. However, in the long term, the rally in the space may not be over yet.

Promoters held 43.49 per cent stake in the company as of 31-Mar-2022, while FII and DII ownership stood at 35.03 per cent and 2.18 per cent, respectively.

​The daily chart suggests that prices have rebounded from their lower levels and are sustaining above Rs 2,150 which is an important level.