Orient Cement Ltd is not privy to any discussions with regard to news that Adani Group is in talks to buy promoter stake in the company and, as such, "cannot comment" on the matter, the company said in a filing with BSE today.
This was in response to a question posed by the exchange after a news item. Following a report from Informist that the Adani Group was in talks to purchase a promoter position in the company, the company's shares increased by almost 18% on Tuesday to 144 rupees per share.
On Tuesday, the stock on the National Stock Exchange ended the day 7.5% higher at 131.70 rupees.
Today, the stock rose nearly 13% to touch an eight-month high of 148.70 rupees on the NSE.
With approximately 17.5 million shares trading hands on the NSE, the stock experienced good volumes as well. This is a huge increase over the six-month daily average of 601,101 shares.
