India's Orient Cement up 8% on Adani's stake-buy report
04/01/2023 04:23
** Shares of Orient Cement ORCE.NS up as much as 8.47% at
142.85 rupees
** Stocks 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 best day
for co since March 4, 2021
** 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 2.4 mln shares changed hands by 09:45 a.m. IST,
3.6x 30-day avg of 663,301
** 9 of 11 brokerages rate the stock "buy" or higher, 1
"hold" and 1 "sell" or lower; their median PT is 145 rupees -
Refinitiv Data
** Co stock fell 22.85% in 2022 after two consecutive years
of gains
(Reporting by Hritam Mukherjee in Bengaluru)
((Hritam.Mukherjee@thomsonreuters.com; +91 9830427878))