Shares of Dalmia Bharat rose 0.29% to Rs 1928.55 while those of Jaiprakash Associates gained 1.87% to currently trade at Rs 9.26 on the BSE.

Dalmia Cement (Bharat) is a wholly owned subsidiary of Dalmia Bharat (DBL) which has been in business of the manufacture and sale of cement for over 80 years.

On December 12, 2022, DBL had announced that Dalmia Cement has entered into a binding framework agreement for the acquisition of clinker, cement and power plants from Jaiprakash Associates and its associate having total cement capacity of 9.4 million tonne (MnT) (along with clinker capacity of 6.7 MnT and thermal power plants of 280MW) at an enterprise value of Rs 5,666 crore. These assets are situated in the states of Madhya Pradesh, Uttar Pradesh & Chhattisgarh.

The acquisition would enable Dalmia to expand its footprint into the Central Region and would represent a significant step towards realization of its vision to emerge as a Pan India Cement company with a capacity of 75 MnT by FY27 and 110‐130 MnT by FY31.

In a statement released yesterday, the domestic competition regulator said: “The Commission approved the proposed combination relating to acquisition of clinker, cement and power plants belonging to Jaiprakash Associates and its associate, by the Dalmia Cement (Bharat).”

  Dalmia Bharat is the fourth‐largest cement manufacturing company in India by installed capacity, spread across 10 states and 14 manufacturing units.

The company's consolidated net profit from continuing operations surged 142.9% to Rs 204 crore in Q3 FY23 as against Rs 84 crore posted in Q3 FY22. Revenue from operations increased 22.7% year on year to Rs 3,355 crore in the quarter ended 31 December 2022.