India's Orient Cement jumps on report of UltraTech in talks to buy firm

Orient Cement

04/07/2024 06:05

** Shares of India's Orient Cement  ORCE.NS  up 3% after
rising as much as 5.3% earlier 
    ** Local media reported Kumar Mangalam Birla-owned UltraTech
Cement  ULTC.NS  in advanced talks to buy Orient Cement
 ORCE.NS , owned by his uncle's CK Birla group 
    ** Separately, talks between CK Birla, Adani group at
standstill over valuation, report adds
    ** ULTC, ORCE did not immediately respond to Reuters'
queries seeking comment
    ** ORCE has cement assets in India's southern, western
regions - markets seen ripe for further mergers, acquisitions 
    ** ULTC up 0.4%; Adani's cement firms - ACC  ACC.NS  and
Ambuja  ABUJ.NS  - down 0.6% and 0.7%
    ** ORCE trading vols 1.1x 30-day avg 
    ** Stock up 37.3% since April report that Aditya Birla group
in talks to buy total 37.9% stake of founder and allied entities

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))