India's Orient Cement gains on deal termination cheer
31/05/2018 06:58
** Cement maker Orient Cement Ltd's shares ORCE.NS rise as
much as 13.5 pct to 139.45 rupees, their biggest intraday pct
gain since Feb 6
** Business transfer agreement with Jaiprakash Power
Ventures, Jaiprakash Associates Ltd (JAL) JAIA.NS and Share
Purchase Agreement with JAL stands terminated, co said on
Thursday urn:newsml:reuters.com:*:nFWN1T114J
** Analysts say the deals were a drag on Orient's
profitability and balance sheet, given its debt issues
** More than 550,000 shares change hands as of 0555 GMT,
nine times their 30-day moving average
** Stock has declined about 15 pct since May 31, when the
deals were first announced
((Reuters Messaging:
tanvi.mehta.thomsonreuters.com@reuters.net))