India Cements surges on getting nod to raise Rs 500 crore

The India Cements is currently trading at Rs. 110.00, up by 1.80 points or 1.66% from its previous closing of Rs. 108.20 on the BSE. The scrip opened at Rs. 109.85 and has touched a high and low of Rs. 112.05 and Rs. 108.55 respectively. So far 358676 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 134.30 on 22-Sep-2014 and a 52 week low of Rs. 46.00 on 30-Jan-2014. Last one week high and low of the scrip stood at Rs. 116.80 and Rs. 106.60 respectively. The current market cap of the company is Rs. 3389.72 crore. The promoters holding in the company stood at 28.23% while Institutions and Non-Institutions held 48.12% and 22.01% respectively. India Cements has received an approval to raise Rs 500 crore through issue of QIP / FCCB / GDR / other securities, subject to the approval of the shareholders and other appropriate authorities. The company’s board gave approval for the same at its meeting held on November 12, 2014. The company’s board has also approved proposal for delisting of equity shares of the company from Madras Stock Exchange. Recently, the company reported a net profit of Rs 7.49 crore for the quarter under review as compared to a net loss of Rs 22.53 crore for the same quarter in the previous year. Total income of the company increased marginally by 3.84% at Rs 1135.85 crore for Q2FY15 as compared Rs 1093.88 crore for the corresponding quarter previous year. 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.