Orient Cement rallies 20 per cent, hits 52-week high as Rakesh Jhunjhunwala buys 17.1 lakh shares

NEW DELHI: Orient Cements Ltd rallied as much as 19.98 per cent in trade on Friday, after ace investor Rakesh Radheyshyam Jhunjhunwala picked up 17.1 lakh shares of Orient Cement for about Rs 9 crore through an open market transaction on Thursday.

The stock hit a low of Rs 60.80 and a 52-week high of Rs 68.15 in trade today. According to the bulk deal data, Jhunjhunwala bought 17,10,000 shares of Orient Cement at an average price of Rs 53.1 apiece, valuing the transaction at Rs 9.08 crore, PTI reported.

Orient Cement was an initiative of C K Birla Group. The firm later de-merged and became an independent public limited company, added the report. The firm began cement production in 1982 and presently its total capacity stands at 5 MTPA (metric tons per annum).