Mergers and acquisitions have gained its significance around the world. Therefore most of the research is carried out to find out whether they are value creating or value destroying in nature. Limited Studies are undertaken in respect of Indian merger and Acquisition cases. Most of the empirical studies are based on accounting approach or market approach. This paper made case study analysis using financial return method and market return method. A case study was undertaken for the deal ACC limited and Everest Industries limited. It is found that deal ACC limited and Everest Industries Limited is a successful deal. A merger has helped in revenue increase and cost decrease.