Orient Cement surged 9.48% to Rs 145 after the media reported that Adani Group is in talks to buy promoter stake in the cement maker.
According to the media reports, the Adani Group is in talks with the promoter of C.K. Birla Group-owned Orient Cement to acquire a stake in the company. The owners of Orient Cement could explore divesting part of their stake to fund the company's growth plans. Money from the stake sale could also be used to fund the restructured long-term debt, reports added.BSE has sought clarification from Orient Cement. The reply is awaited.
As on 30 September 2022, the promoter stake in Orient Cement stood at 37.9% split between 17 entities.
Orient Cement is part of the CK Birla Grop. It reported net loss of Rs 9.50 crore in Q2 September 2022 as against net profit of Rs 56.88 crore in Q2 September 2021. Net sales rose 0.35% to Rs 615.28 crore in Q2 September 2022 over Q2 September 2021.
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