India Cements stock plunges - Hindustan Times

The news around spot-fixing allegations in the sixth season of the T20 League has left a wave of cold breath on the stocks of India Cements. Analysts say the company is caught in the midst of a double jeopardy of poor show of its March-quarter results announced on Monday and the possible links to the match fixing in the T20. Since Monday, after the news on match fixing surfaced and the company announced its quarter results, the Indian Cements stocks have tanked 17% at the Bombay Stock Exchange. On Thursday the India Cements stocks fell 4.5% to Rs. 72.6, at the BSE. N Srinivasan is the chairman of the Board of Control for Cricket in India and his son-in-law is reportedly summoned for questioning by the Mumbai Police. "The IPL issue is going to engulf the company to a large extent. Further the sector itself is not doing too well," said an analyst working with a Mumbai-based brokerage firm. "The stock prices have gone down largely because of disappointing quarter results on Monday. In addition the company made an unexpected announcement of diversification into infrastructure which caught traders by surprise. They have learnt lessons from past experience when diversified in shipping and burnt fingers," said an analyst on condition of anonymity. On Monday the company alongwith its quarterly results announced its foray into infrastructure with water treatment related projects being undertaken in south India cities. Analysts tracking the segment claim the scope of this non-core venture will rise over time thereby leading to continued stress on the balance sheet of the company. Further the stock faced pressure as the company reported net profit of Rs. 26 crore, down by 60% against the corresponding quarter in 2012. Net sales increased 7% to Rs. 1,190 crore during the period. via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNG9V2tTFAIUuKFYOE5idBW1Z7Of2g&url=http://www.hindustantimes.com/business-news/CorporateNews/India-Cements-stock-plunges/Article1-1064968.aspx

Put the internet to work for you. via Personal Recipe 2910127