India Cements rose 3.18% to Rs 111.80 at 14:52 IST on BSE, after the company's board of directors approved the proposal to demerge Chennai Super Kings.
The announcement was made during market hours today, 26 September 2014.
Meanwhile, the S&P BSE Sensex was up 130.35 points or 0.49% at 26,598.71
On BSE, so far 6.16 lakh shares were traded in the counter as against average daily volume of 2.47 lakh shares in the past one quarter.
The stock hit a high of Rs 112.50 and a low of Rs 104.10 so far during the day. The stock had hit a 52-week high of Rs 134.30 on 22 September 2014. The stock had hit a 52-week low of Rs 46 on 30 January 2014.
The stock had underperformed the market over the past one month till 25 September 2014, falling 3.22% compared with 0.12% rise in the Sensex. The scrip also underperformed the market in past one quarter, falling 8.18% as against Sensex's 4.56% rise.
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The mid-cap company has equity capital of Rs 307.18 crore. Face value per share is Rs 10.
India Cements' board of directors at its meeting held today, 26 September 2014, approved the proposal to demerge Chennai Super Kings (CSK) - BCCI-IPL Franchise 20/20 Cricket Tournament Team into a wholly-owned subsidiary of the company, by transferring its net assets at cost. The effective date of transfer will be 1 January 2015. The proposal is subject to appropriate approvals, India Cements said.
India Cements reported net loss of Rs 2.96 crore in Q1 June 2014 as compared to net profit of Rs 16.82 crore in Q1 June 2013. Net sales fell 1% to Rs 1226.24 crore in Q1 June 2014 over Q1 June 2013.
India Cements is the largest producer of cement in South India. It has established brands viz. Sankar Super Power, Coromandel Super Power and Raasi Super Power.
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