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India Cements surges on getting nod for scheme of amalgamation

26 Feb 2014

India Cements is currently trading at Rs. 57.25, up by 1.35 points or 2.42% from its previous closing of Rs. 55.90 on the BSE.

The scrip opened at Rs. 56.50 and has touched a high and low of Rs. 57.30 and Rs. 55.60 respectively. So far 97589 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 91.75 on 17-May-2013 and a 52 week low of Rs. 43.00 on 12-Aug-2013.

Last one week high and low of the scrip stood at Rs. 56.55 and Rs. 48.95 respectively. The current market cap of the company is Rs. 1750.92 crore.

The promoters holding in the company stood at 28.23%, while Institutions and Non-Institutions held 47.84% and 21.01% respectively.

India Cements’ board of directors at its meeting held on February 26, 2014 has approved a scheme of amalgamation of Trinetra Cement, a listed company and Trishul Concrete Products, an unlisted company, both the companies being the subsidiaries, with the company.

India Cements is largest manufacturer of cement in South India. India Cements owns 28% of the market share and is leader in south India. The cement manufacturer aims 35% market share. It has distribution network of 10,000 stockists.  India Cements has capacity to produces 9 million tonnes cement per annum.

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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323