The stock soared 13.70 per cent to hit 52-week high of Rs 299 on the BSE. On the NSE, the stock climbed 13.77 per cent to Rs 298.80 -- its 52-week high.
Shares of UltraTech Cement also jumped 6.51 per cent to hit the one-year peak of Rs 11,875.95 on the BSE.
The board of directors of the company at its meeting held on Thursday approved "making a financial investment to purchase up to 7.06 crore equity shares of the India Cements Ltd," a regulatory filing by UltraTech Cement said.
The deal would be at "at a price of up to Rs 267 per share," and this non-controlling financial investment constitutes around 23 per cent of the equity share capital of India Cements, the filing said.
India Cements' turnover for financial year 2023-24 stood at Rs 5,112 crore.
UltraTech Cement has a consolidated capacity of 152.7 Million Tonnes Per Annum (MTPA) of grey cement. It has 24 integrated manufacturing units, 33 grinding units, one clinkerisation unit and 8 bulk packaging terminals.