Andhra Cements rises on stake sale

DALAL STREET SPIKES

Andhra Cements shares were locked in the 20 per cent upper circuit to close at Rs 22.46, on reports that a host of multinational cement makers like Lafarge and Italcementi are in the race to buy out the promoter's stake at a substantial premium.

The promoters of the company hold a lion's share of about 73 per cent in the company. The stock opened the day in the upper circuit and remained that way, for the rest of the day. The counter witnessed trading volumes of 42,410 shares vis-à-vis its two-week average of 51,307 shares. The scrip has risen by 53 per cent in the last one week.