Orient Cement Shares Jump 13% After It Refutes Reports Of Acquisition By Adani Group
Orient Cement said it is not privy to any such discussion, and therefore cannot comment on the same.
Shares of Orient Cement Ltd. jumped nearly 13% after it refuted reports about Adani Group buying a stake in the company from its founders.
The cement producer in its exchange filing said the company is "not privy to any such discussion, and therefore cannot comment on the same".
It clarified that there is no material information or any impending announcement that may impact the share price and volume of the scrip.
Shares of the company jumped 12.91% intraday before closing 4.97% up as against a 1% decline in benchmark Nifty 50.
The total volume traded was 28 times its 30-day average volume. The relative strength index stood at 67.
Of the 16 analysts tracking the stock, 13 maintained 'buy', two analysts recommended a 'hold', while only one suggested a 'sell' call, according to Bloomberg data. The 12-month consensus price target implies an upside of 6.1%.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
