acc: ACC, Ambuja stocks may lag after Adani's open offer -
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acc: ACC, Ambuja stocks may lag after Adani’s open offer

Shares of and are likely to underperform after the conclusion of the ongoing open offer by Adani Group, said foreign brokerage CLSA. Adani made an open offer to buy a 26% stake each in Ambuja Cements and ACC from public shareholders after buying majority stakes in the companies from Switzerland’s Holcim Group.

The Hong Kong-headquartered brokerage said focus post open offer is likely to shift back to earnings and growth outlook and that it sees better opportunities elsewhere in the sector.

and Dalmia Bharat are preferred picks, said CLSA.

“Given the out-performance and benefits of the acquisition will be back-ended, we expect these stocks to underperform following the close of the open offer and for the discount to large-cap peers to widen,” said CLSA.

The open offer, which opened on July 6 and will close on July 19, has been priced at ₹2,300 for ACC and ₹385 for Ambuja.

Shares of ACC ended down 0.59% at ₹2,171.90 and Ambuja Cements ended up 0.4% at ₹370.65 on Tuesday.

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