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Shares of Adani group-owned Ambuja Cement Ltd hit a 52-week high on Wednesday before fluctuating in trade during the second half.

The stock has gained for the third straight day, during which it has gained over 6 percent.

Shares of Ambuja have gained over 45 percent during the last 12 months and have outperformed most of its peers like Ultratech Cement, ACC, and JK Lakshmi Cement among others.

The company's September quarter results had missed street expectations on expected lines due to elevated power and fuel costs, which nearly doubled compared to the same period last year.

EBITDA margin missed estimates for the quarter due to a steep rise in global energy prices.

The company while announcing its financial results had stated that it wanted to expand quickly and that equity infusion by the promoter Adani group would give a boost to the expansion plans in the coming time.

Brokerage firm ICICI Securities in a note said that it expects healthy revenue growth until next year due to its aggressive expansion plans and cost efficiencies. It has a price target of Rs 610 on the stock.

Shares of Ambuja Cement are trading 0.3 percent higher at Rs 588.15.