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Shares of Orient Cement gained on deal termination cheer. The stock jumed as much as 13.5 per cent to Rs 139.45, its biggest intraday percentage gain since February 6.
CK Birla Group firm Orient Cement has terminated the agreement to acquire two entities, Bhilai Jaypee Cement and Nigrie Cement Grinding Unit, from Jaypee group firms for a total consideration of Rs 1,946 crore.
Analysts say the deals were a drag on Orient's profitability and balance sheet, given its debt issues.
More than 550,000 shares changed hands as of 0555 GMT, nine times their 30-day moving average. The stock has declined about 15 per cent since May 31, when the deals were first announced.
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