NEW DELHI: Adani Group stocks gave a mixed reaction to Holcim-Adani’s $10.5 billion mega deal, while key cement makers saw their stocks plunging, as investors turned cautious over prospects of aggressive expansion in the sector by the world’s eighth richest billionaire who is set to form the second largest domestic cement manufacturing company. Adani’s big acquisition came at a time when his wealth surged $22.90 billion this year to $99.5 billion mark, despite a 11 per cent fall in the broader market.Analysts said Adani, 59, may capitalise on various low cost brown-field expansion opportunities and move faster towards 100 mtpa capacity. Further, they see Adani looking more actively for further inorganic opportunities, which would lead to consolidation in the industry.On Monday, Adani Power climbed 4.99 per cent to hit a high of Rs 267.35. Adani Green Energy advanced 2.68 per cent to Rs 2,230. Adani Enterprises rose 1.55 per cent to Rs 2,087. Adani Transmission fell 2.26 per cent to Rs 2,165.60. Adani Total Gas declined 1.34 per cent to Rs 2,344.10. Adani Wilmar slipped 0.92 per cent to Rs 566.Among key cement makers, Ultratech Cement, the largest cement maker, fell 1.85 per cent to Rs 6,085. Shree Cement declined 2.78 per cent to Rs 2,1920. Dalmia Bharat, meanwhile, rose 0.4 per cent to Rs 1,413.”Ultratech is still twice the size of ACC and Ambuja combined after the deal happens and the valuations at which the deal is being priced is very attractive. It is a risk, given where Ultratech trades at, so that gives room for a further rerating of both ACC and Ambuja,” said Chakri Lokapriya, CIO & MD at TCG AMC.While the industry remains a little worried or confused with Adani entering the cement business, at the same time, it is optimistic of them behaving well as they have deployed a great amount of capital to acquire, PhillipCapital said.”We expect the biggies like UltraTech Cement to probably fast-track their future expansion plans, as they may fear losing their industry positioning or it to be at a risk in the long-term, if Adani acquires some more sizable capacities. Any aggressive expansion plans by players who have relatively weaker balance sheet strengths may put them at reasonable risk too, in case of any adversities in the operating business environment for the sector,” PhillipCapital said.Meanwhile, cement expert Sanjay Ladiwala said Adani’s plan on doubling capacity in five years is not going to be easy. “We are talking about close to 70,000 tonnes. It is not a joke. The amount of raw material accumulation which is involved, the capacity to be put in, the physical movement of that capacity, I very much doubt. In the past, no one has been able to see that kind of expansion. Yes over a period of years they will look to do that and they will try to match UltraTech in size but I doubt whether it could be done in five years,” he said.