The disproportionate assets case of Jagan Mohan Reddy has now grappled the India Cements Company. The investigating agency CBI has summoned the company's VC and MD, N Srinivasan for questioning. The CBI has alleged that India Cements has made huge investments in the companies promoted by Jagan and has received benefits in the form of enhanced water allocations in the former’s regime. This news has led to collapse of the stock by around 4-5%.
India Cements is currently trading at Rs. 72.90, down by 3.35 points or 4.39% from its previous closing of Rs. 76.25 on the BSE.
The scrip opened at Rs. 76.40 and has touched a high and low of Rs. 76.40 and Rs. 72.50 respectively. So far 127068 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 118.50 on 28-Mar-2012 and a 52 week low of Rs. 62.10 on 09-Aug-2011.
Last one week high and low of the scrip stood at Rs. 79.00 and Rs. 71.80 respectively. The current market cap of the company is Rs. 2236.26 crore.
The promoters holding in the company stood at 25.77% while Institutions and Non-Institutions held 46.96% and 22.98% respectively.
