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In case, the Nifty50 gets broken down the support 19,480, the low of previous week, 19,300 (the low of October month) is likely get tested in coming sessions, experts said.
Industrialist CK Birla has approached Gautam Adani to sell his promoter stake in Orient Cement after rejecting offers from other buyers. Birla's stake in Orient Cement is 37.9%, with a market value of ₹3,878 crore. The talks with Adani have been ongoing for the past few months, but there is no guarantee of a transaction. Birla's valuation demand, which is double the current market price, could be a deal breaker. Adani Cement recently acquired Sanghi Industries and currently has a total cement capacity of 110 MTPA.
Industrialist CK Birla has approached Gautam Adani to sell his promoter stake in Orient Cement after rejecting offers from other buyers. Birla's stake in Orient Cement is 37.9%, with a market value of ₹3,878 crore.
Industrialist CK Birla has approached Gautam Adani to sell his promoter stake in listed Orient Cement after rejecting initial offers from other domestic players for failing to meet his valuation demand, people aware of the talks told ET.
The domestic indices were dragged by banks and financials. The 30-share BSE Sensex slipped 152 points or 0.23 per cent to trade at 66,276, while the NSE Nifty was down 29 points or 0.15 per cent to trade at 19,782.