India Cements surges more than 2% even as SC proposes to bar the firm from IPL
HNIs were seen buying aggressively at the counter, according to dealers, and this is what led to a sharp pullback in the stock, which had slipped 2%.
By ET Online | Updated:
MUMBAI: Shares of India Cements bounced back after a knee-jerk reaction to the Supreme Court’s proposal to bar Chennai Super Kings from IPL matches.
India Cements, which is promoted by N Srinivasan, owns the cricket team.
“The bench also proposed to pass an order barring India Cements officials from getting involved with the functioning of BCCI after senior counsel Harish Salve, appearing for Cricket Association of Bihar, pointed out that many such officials are at present part of BCCI team,” reported PTI.
Salve also raised questions on the conduct of captain of Indian Cricket Team, M S Dhoni, who is also vice president of India Cements, saying that he is guilty of corrupt practices.
According to dealers, HNIs are aggressively buying the counter which has led to sharp pull-back in the stock.
The stock closed the day at Rs 55.00, up 2.42%, on the Bombay Stock Exchange (BSE).
India Cements, which is promoted by N Srinivasan, owns the cricket team.
“The bench also proposed to pass an order barring India Cements officials from getting involved with the functioning of BCCI after senior counsel Harish Salve, appearing for Cricket Association of Bihar, pointed out that many such officials are at present part of BCCI team,” reported PTI.
Salve also raised questions on the conduct of captain of Indian Cricket Team, M S Dhoni, who is also vice president of India Cements, saying that he is guilty of corrupt practices.
According to dealers, HNIs are aggressively buying the counter which has led to sharp pull-back in the stock.
The stock closed the day at Rs 55.00, up 2.42%, on the Bombay Stock Exchange (BSE).
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