India's Orient Cement jumps on report Aditya Birla group to buy promoter stake
25/04/2024 09:12
** Shares of India's Orient Cement ORCE.NS up 3.2%,
cooling off from a 11.3% jump earlier in the session
** Aditya Birla group, which owns market leader UltraTech
Cement ULTC.NS , is in advanced talks to buy promoter stake in
ORCE, ET Now reports
** Promoters hold 37.9% stake in ORCE, exchange data shows
** ORCE, Aditya Birla group did not immediately respond to
Reuters' requests for comment
** Co shares set to gain for the fifth straight session
** Trading vols at highest since mid-October
** Analysts' avg recommendation on ORCE is a "hold",
compared to "buy" on UltraTech - LSEG data
** Stock trims YTD losses to 5%, while ULTC down more than
8%
(Reporting by Hritam Mukherjee in Bengaluru)
((Hritam.Mukherjee@thomsonreuters.com;))