India's Orient Cement surges 13% on Adani's stake-buy report

Orient Cement

04/01/2023 08:21

(Adds Orient's statement, updates shares)
    ** Shares of Orient Cement  ORCE.NS  up as much as 12.9% at
148.70 rupees
    ** Stock surged as much as 17.6% on Tuesday after local
media reported that Adani Group is in talks to buy promoter
stake in co 
    ** Last session, ORCE closed 7.5% higher — marking its best
day since March 4, 2021
    ** ORCE, however, said co was not privy to any deal-related
discussions 
    ** Adani's acquisitions this year include Ambuja Cements
 ABUJ.NS  and ACC  ACC.NS  for $10.5 billion 
    ** Indian cement space has heated up following Adani's
entry, with cement makers expanding capacity and acquiring
assets
    ** Last month, Dalmia Bharat's  DALB.NS  unit agreed to buy
cement and power businesses of Jaiprakash Associates Ltd
 JAIA.NS . 
    ** More than 16 mln shares changed hands by 01:45 p.m. IST,
24.1x 30-day avg of 663,301
    ** Nine of 11 brokerages rate the stock "buy" or higher, 1
"hold" and 1 "sell" or lower; their median PT is 145 rupees -
Refinitiv Data
    ** Stock fell 22.85% in 2022 after two consecutive years of
gains
 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com; +91 9830427878))