Orient Cement jumps after Rakesh Jhunjhunwala picks up stake

Orient Cement jumped 17.52% to Rs 66.75 at 14:22 IST on BSE after high-net worth investor Rakesh Jhunjhunwala picked up 0.83% stake in the company through a bulk deal on NSE on Thursday, 15 May 2014.

Meanwhile, the BSE Sensex was up 368.31 points, or 1.54%, to 24,273.91.

On BSE, so far 5.52 lakh shares were traded in the counter, compared with an average volume of 67,765 shares in the past one quarter.

The stock hit a high of Rs 68.15 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 60.80 so far during the day. The stock hit a record low of Rs 29.60 on 31 July 2013.

The stock had outperformed the market over the past one month till 15 May 2014, rising 15.68% compared with 6.32% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 53.10% as against Sensex's 17.38% rise.

The small-cap company has an equity capital of Rs 20.49 crore. Face value per share is Re 1.

According to the bulk deal data, Rakesh Radheyshyam Jhunjhunwala bought 17.10 lakh shares, or 0.83% equity, of Orient Cement at an average price of Rs 53.10 per share on NSE, valuing the transaction at Rs 9.08 crore.

Net profit of Orient Cement declined 27.08% to Rs 26.34 crore on 1% decline in net sales to Rs 396 crore in Q4 March 2014 over Q4 March 2013.

Orient Cement is a cement manufacturer catering to its varied customers placed across the country.

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