Mumbai: Leading global brokerage firms have gone bullish on the Adani Group’s Ambuja Cements after it announced to acquire Hyderabad-based Penna Cement for Rs 10,442 crore. Jefferies has a ‘buy’ rating on the Ambuja Cements shares, giving it a target price of Rs 735 per share. The stock of Ambuja Cements went up more than 2 per cent at Rs 679 in the morning trade on Friday. According to Jefferies, the landmark acquisition of Penna Cement would boost the positioning of the Adani Group’s cement and building material major as a pan-India leader. Morgan Stanley said the acquisition would support volume growth for Ambuja Cements over the medium term. Macquarie expects that with the acquisition,
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