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The stock saw heavy demand from investors, zooming another 10 per cent to Rs 776.75, taking the entire gains to 21 per cent over the issue price. On NSE too, it hit the upper circuit.

Birla Corporation Ltd., incorporated in the year 1919, is a Mid Cap company (having a market cap of Rs 7313.97 Crore) operating in Cement sector.

“Auto companies are the big beneficiaries of softer metal prices. One could look at appliance companies, industrial companies, engineering, construction and real estate. The strategy has to be to go for companies which benefit now from lower commodity prices rather than going after the commodity players whichever sector they may be in.”

UltraTech Cement has announced plans to add 22.6 mpta of capacity which would be nearly 17 per cent of its capacity post completion of projects on-hand by FY25. The cement maker, analysts said, had already hinted at plans firming up towards organic expansions and therefore the new capex announcement does not come as a major surprise.

Strength in domestic equities also boosted the Indian currency even as data released Thursday showed that the country’s trade deficit widened to $23.3 billion in May, with imports rising $60.62 billion and exports by $37.29 billion.

Stocks that were in focus on Thursday include names like Apollo Hospitals, Adani Power, and IPCA Laboratories.

This acquisition is expected to provide a wide array of benefits under MSME category including the increased potential of entering into offset partnership with global OEMs as foreign partners get an offset credit of up to 1.5 multiple on Indian content,” reports quoted the company as saying

The company’s share price rose to a high of Rs 1,462.65 as against Rs 1,402.05 at the previous close on the BSE. The stock was last trading 2.7 per cent higher.

A total of 240,414 shares changed hands on the counter till 11:11AM (IST).

In the last two weeks, shares of Reliance Industries have zoomed about 14 per cent, whereas the largest Indian company has surged about 20 per cent in the year 2022 so far.