Orient Cement hits new high

Orient Cement is currently the top gainer on the BSE, opening over 3% higher at Rs.195 and going on to hit a new 52-week high at Rs.216.35. Volumes are up almost 9.5 times.

The stock price hit a new high on reports in the Economic Times that its promoter, C K Birla has approached Gautam Adani to sell his stake.

The Birla family and his private investment vehicles hold a 37.9% stake.

If this does happen, it could trigger off an open offer for 26% stake.

There is no confirmation on this news; its just market grapevine as of now and the fact that Birla’s asking price is almost double that of the market price could become a deal breaker.