Adani Group told the promoters of C.K. Orient Cement, which is part of the Birla Group, has acquired a stake in the company. According to media reports, the owner of Orient Cement may consider divesting some of its shares to fund the company’s development plans.

The promoter’s stakes in Orient Cement stood at 37.9%, split between 17 entities.

Orient Cement is part of the C.K. Birla Group. The net loss of the cement company of Rs 9.50 crore in Q2FY23 compared to a net profit of Rs 56.88 crore in Q2FY22. Net sales hit a high 0.35% to Rs 615.28 crore in Q2FY23 over Q2FY22.

On BSE, Orient Cement’s shares jumped 5.10% to Rs 139.20.