• Orient Cement shares have rallied over 20% in the last two trading sessions
Orient Cement shares have rallied over 20% in the last two trading sessions on reports of conglomerate Adani Group in talks to buy a promoter stake in the company. The company issued a clarification on this on Wednesday, saying that it was unaware of any such discussion.
"..on the recently published news.. titled "Adani Group in talks to buy promoter stake in Orient Cement" and its impact on the scrip price of the company, we wish to point out that in terms of Regulation 30 of SEBI The Company has promptly informed the Stock Exchanges about all events and disclosed all information which has a bearing on the operations / performance of the Company including all price sensitive information etc., as and when required.
With regard to the titled news, the company said that it is not privy to any such discussions, and hence cannot comment on the same. "We wish to further clarify that at present there is no material information/announcement, including impending announcement, which in the opinion of the Company, may have a bearing on the price/volume behavior of the scrip."
The cement stock was trading 5% higher at ₹139 per share on the BSE. Orient Cement shares have declined by over 15% in a span of one year. Orient Cement started cement production in the year 1982 at Devapur in Adilabad district of Telangana. In 1997, a split-grinding unit was added at Nashirabad in Jalgaon, Maharashtra. In 2015, Orient Cement started commercial production at its integrated cement plant located in Chittapur, Gulbarga, Karnataka.
Orient Cement reported a net loss of ₹9.49 crore for the second quarter ended September 2022. The CK Birla group firm had reported a net profit of ₹56.88 crore in the July-September period a year ago. Its revenue from operations rose marginally to ₹615 crore, as against ₹613 crore in the year-ago period.
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