India Cements surges as top boss reportedly gets clean chit from SC

India Cements advanced 9.66% to Rs 112.35 on BSE, after the company's promoter and Vice Chairman & Managing Director N Srinivasan got relief from the Supreme Court in spot-fixing case.

Meanwhile as per provisional closing, the S&P BSE Sensex was up 120.64 points or 0.42% at 29,009.50

On BSE, 17.73 lakh shares were traded in the counter as against average daily volume of 3.65 lakh shares in the past one quarter.

The stock hit a high of Rs 115.80 and a low of Rs 98.55. 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 outperformed the market over the past one month till 21 January 2015, advancing 37.61% compared with the Sensex's 5.54% rise. The scrip, however, underperformed the market in past one quarter, sliding 5.79% as against Sensex's 8.7% rise.

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

The Supreme Court today, 22 January 2015 reportedly brought the hammer down on the Indian Premier League (IPL) 2013 spot-fixing case of IPL season 6 in 2013, ruling N Srinivasan's son-in-law Gurunath Meiyappan and Rajasthan Royals franchise co-owner Raj Kundra guilty of betting on IPL matches but sparing N Srinivasan on allegations of cover-up but not on the issue of conflict of interest. However, Supreme Court said that N Srinivasan cannot contest this year's Board of Control for Cricket in India (BCCI) elections.

N Srinivasan is promoter of India Cements and currently Vice Chairman & Managing Director of the company.

Promoters own 28.23% stake in India Cements (as per the shareholding pattern as on 31 December 2014).

India Cements reported net profit of Rs 7.49 crore in Q2 September 2014 as compared to net loss of Rs 22.53 crore in Q2 September 2013. Net sales rose 4.2% to Rs 1131.68 crore in Q2 September 2014 over Q2 September 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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