Orient Shares Rise On Report Claiming CK Birla In Stake Sale Talk With Gautam Adani; Adani Stocks In Focus

The share price of Orient Cement skyrocketed 14.5% in early morning trade on Wednesday, to reach a new 52-week high of Rs 214.8 per piece. The sudden spike in Orient cement shares was seen after a media report claimed that CK Birla approached Gautam Adani to sell his promoter stake in the company, according to The Economic Times report.
At 1:07 pm IST, Orient Cement shares were up 9.61% at Rs 207.50 per share on Wednesday. In this year so far, the stock has gained 68%.

According to the ET report citing people aware of the talks, Industrialist CK Birla has approached Gautam Adani to sell his promoter stake in listed Orient Cement after rejecting initial offers from other domestic players for failing to meet his valuation demand. Senior management executives on both sides have also met to discuss a potential deal for the Adanis, who already own India's second largest cement capacity, said the report.

Adani becomes India's second-largest cement player after Ambuja, ACC deal.

With the recent acquisition of Sanghi Industries, Adani Group's total cement business will increase to 73.6 mtpa from 67.5 mtpa, taking it closer to the 140 mtpa capacity of the country's largest cement manufacturer, UltraTech Cement.

Ambuja Cement shares were trading 1.48% lower at Rs 435.60 per share on Wednesday. Today, the share price of Adani Group's flagship firm Adani Enterprises was down 0.50% at Rs 2416.05 per share at 1:27 pm IST.