Shares of ACC rallied 6 per cent, hitting 52-week high, on the Bombay Stock Exchange after its board decided to commence an evaluation of a potential merger between the company and Ambuja Cements.
ACC and Ambuja Cements are part of the world's largest cement producer LafargeHolcim.
Buoyed by the merger plan, shares of the company gained as much as 5.95 per cent to hit 52-week high of Rs 1,753.85 apiece on the Bombay Stock Exchange. The scrip was currently trading at Rs 1,737.05 against previous close price of Rs 1,655.30.
In a similar fashion, stocks of firm were trading 4.68 per cent higher at Rs 1,737.80 apiece on the National Stock Exchange.
Meanwhile, the broader benchmark BSE Sensex was trading at 29,969.79, up 110.99 points or 0.37 per cent, at 11:50 hour.