India Cements rally 20 per cent in two days
India Cements hit its 52-week high of Rs 193, up 11%, extending its Wednesday’s 9% surge on BSE, after Hon’ble National Company Law Tribunal (NCLT) approval for scheme of amalgamation and arrangement.
“The Hon’ble National Company Law Tribunal (NCLT), Chennai Bench vide its order dated 13 April 2017, has approved the scheme of amalgamation and arrangement between Trinetra Cement (first transferor company) and Trishul Concrete Products (second transferor company) with The India Cements (transferee company) and their respectively shareholders,” India Cements said in a BSE filing.
The stock was up 8% at Rs 188 on BSE in the afternoon as compared to 0.26% rise in the S&P BSE Sensex. The trading volumes on the counter jumped an over five-fold with a combined 26.98 million shares changed hands on BSE and NSE so far.