Ambuja Cements Ltd's shares rose to a one-year high on Wednesday. The stock climbed 1.49 percent to a 52-week high of Rs 645.90.

Billionaire Gautam Adani's family recently invested Rs 6,661 crore in Ambuja Cements, increasing their shareholding to almost 67% from 63.15%. Ambuja indicated that it expanded its position by converting warrants into shares.

The Adani family intends the cement company to grow its production capacity to 140 million tonnes per annum (MTPA) by 2028, up from 76.1 MTPA as of December 31, 2023.

"This infusion of funds provides Ambuja with capital flexibility for rapid growth and capital management initiatives," said Ambuja Cements CEO Ajay Kapur.

In 2022, the Adani group joined the cement industry with a $10.5 billion purchase of Ambuja and ACC from Swiss giant Holcim.

Analysts remained mainly upbeat about the counter. "The cement space has been on our radar. On the stock front, we remain optimistic about Ambuja Cements," Gaurang Shah, Senior VP at Geojit Financial, told a credbile source. He also admired ACC Ltd's shares in the aforementioned category.

"According to the charts, the stock appeared to be performing well. Vaishali Parekh, Vice-President of Technical Research at Prabhudas Lilladher, stated that the counter's expected aims are Rs 700-730.