Millennium Post

India Cements scrip up 9.2% on BSE, 9.7 on NSE after SC decision

The company's promoters own the CSK team of the IPL T20 tournament. The India Cements scrip soared 9.18 per cent to settle at Rs 60.05 on the BSE. During the day, the stock gained 11.27 per cent to Rs 61.20. At the NSE, shares of India Cements zoomed 9.72 per cent to close the day at Rs 60.40.

On the volume front, 13.44 lakh shares of the company changed hands on the BSE while over 1 crore shares were traded at the NSE during the day. The Supreme Court on Friday handed over the reins of BCCI to former international Sunil Gavaskar during IPL 7 and did not bar Srinivasan-promoted Chennai Superkings (CSK) and Rajasthan Royals (RR) from participating in the tournament.

A bench of justices A K Patnaik and F M Ibrahim Kalifulla, which had on Thursday proposed barring CSK and Rajasthan Royals (RR) from the tournament, however, refused to pass an order in this regard, allowing them to play the matches along with six other teams in the tournament beginning April 16 in Dubai.

The order was given during a hearing on the Mudgal Committee report that went into the betting and spot-fixing allegations against those involved in CSK and RR during IPL 6. The bench made it clear that no employee of India Cements, except players and commentators, would be allowed to get involved in any duties or activities of BCCI.

National banks rally as RBI extends Basel III deadline

Shares of state-run banks on Friday ended with as much as 9 per cent gains after the RBI extended deadline for meeting Basel III norms to March 2019. Stocks of SBI surged 3.52 per cent to settle at Rs 1,904.30 on the BSE. Buying was seen at counters like Union Bank of India that rallied 9.23 per cent, while Punjab National Bank rose by 6.87 per cent, Allahabad Bank by 5.95 per cent and Bank of Baroda by 5.26 per cent. Led by the gains in these stocks, the BSE bankex index shot-up by 1.19 per cent to close at 14,585.16.

The RBI had on Thursday extended deadline for banks to implement global capital norms, Basel III, by a year to March 2019 on concerns of potential stress on asset quality and profitability.

As per the RBI notification, the transitional period for full implementation of Basel III Capital Regulations in India is extended up to March 31, 2019, instead of as on March 31, 2018.
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