India Cements drops as Supreme Court appointed panel bans CSK from IPL for 2 years

India Cements fell 3.24% to Rs 91.15 at 14:44 IST on BSE on reports the Supreme Court appointed panel has suspended Chennai Super Kings viz. the IPL team of India Cements for two years from the Indian Premier League.

Meanwhile, the S&P BSE Sensex was up 8.63 points or 0.03% at 27,969.82.

The stock dropped on heavy volumes. On BSE, so far 14.61 lakh shares were traded in the counter as against average daily volume of 2.80 lakh shares in the past one quarter.

The stock was volatile. The stock fell as much as 6.31% at the day's low of Rs 88.25 so far during the day. The stock rose as much as 0.37% at the day's high of Rs 94.55 so far during the day. The stock had hit a 52-week low of Rs 73.15 on 19 December 2014. The stock had hit a 52-week high of Rs 134.30 on 22 September 2014.

The stock had outperformed the market over the past one month till 13 July 2015, advancing 22.98% compared with the Sensex's 5.81% rise. The scrip had, however, underperformed the market in past one quarter, sliding 12.9% as against Sensex's 3.73% fall.

The small-cap company has equity capital of Rs 307.18 crore. Face value per share is Rs 10.

According to reports, a Supreme Court-appointed panel suspended former champions Chennai Super Kings (CSK) viz. the IPL team of India Cements and Rajasthan Royals from the Indian Premier League (IPL) for two years as it presented its verdict on the IPL spot-fixing and betting scandal today, 14 July 2015. International Cricket Council (ICC) chief N Srinivasan's son-in-law Gurunath Meiyappan and Rajasthan Royals co-owner Raj Kundra were suspended from any type of cricket matches for life after they were found guilty of betting in the T20 tournament, reports added.

India Cements reported net profit of Rs 36.60 crore in Q4 March 2015, compared with net loss of Rs 157.12 crore in Q4 March 2014. Net sales declined 5.1% to Rs 1025.02 crore in Q4 March 2015 over Q4 March 2014.

India Cements is the largest producer of cement in South India.

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