India Cements jumps as board approves transfer of CSK

India Cements advanced 14.32% to Rs 108.60 at 10:46 IST on BSE, after the company's board of directors approved transfer of IPL team Chennai Super Kings to a wholly-owned subsidiary Chennai Super Kings Cricket.

The announcement was made after market hours yesterday, 11 February 2015.

Meanwhile, the S&P BSE Sensex was down 17.24 points or 0.06% at 28,516.73

On BSE, so far 7.89 lakh shares were traded in the counter as against average daily volume of 4.28 lakh shares in the past one quarter.

The stock hit a high of Rs 108.95 and a low of Rs 99.25 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 48 on 14 February 2014.

The stock had outperformed the market over the past one month till 11 February 2015, rising 13.3% compared with 3.92% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 12.92% as against Sensex's 2.24% rise.

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

India Cements said the Board of Directors of the company at its meeting held yesterday, 11 February 2015, approved a proposal for reorganisation of Chennai Super Kings Cricket, the company's wholly-owned subsidiary, under which the ownership of the Franchise will be held by shareholders of The India Cements.

Last week, India Cements said that it would transfer its IPL team CSK to the new subsidiary, Chennai Super Kings Cricket (CSKC).

It may be recalled that on 26 September 2014, the Board of Directors of the company had approved the proposal to demerge Chennai Super Kings (CSK) into a wholly-owned subsidiary of the company, by transferring its net assets at cost. It had stated that the effective date of transfer will be 1 January 2015.

India Cements reported net loss of Rs 11.68 crore in Q3 December 2014 as compared to net profit of Rs 0.42 crore in Q3 December 2013. Total income rose 0.2% to Rs 1040.60 crore in Q3 December 2014 over Q3 December 2013. The result was announced after market hours yesterday, 11 February 2015.

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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