Orient Cement soars 21% in two days amid rumours that the Adani Group is considering an investment.
On Monday, shares of Orient Cement surged 10% to Rs.88.90 on the BSE after the company’s board approved a proposal to raise up to Rs.1,500 crore through issuance of securities.
The stock was up 11% at Rs.90.35 in early morning trade on the BSE, taking its two-day gains to 21%.
The rally in the stock comes amid rumours that the Adani Group is considering an investment in the company.
In September, Adani Enterprises had acquired a 74% stake in Gujarat Adani Ports and Special Economic Zone (APSEZ) from Gautam Adani, the chairman of the Adani Group, for Rs.9,200 crore.
With this acquisition, the Adani Group has increased its presence in the cement sector.
In October, Orient Cement had reported a 33% year-on-year (YoY) decline in its consolidated net profit to Rs.46.7 crore for the second quarter ended September 30, 2019, on the back of lower revenues and higher expenses.
The company’s consolidated revenue from operations fell 4% YoY to Rs.1,402.9 crore during the quarter
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