SENSEX

73,878.15

-732.96 (-0.98%)

Nifty 50

22,475.85

-172.35 (-0.76%)

Nifty IT

32,908.4

-294.95 (-0.89%)

Nifty Bank

48,923.55

-307.50 (-0.62%)

NIFTY Midcap 100

50,935.15

-179.95 (-0.35%)

NIFTY Smallcap 100

16,936.5

-82.90 (-0.49%)

Nifty Auto

22,541.35

-192.15 (-0.85%)

SENSEX

73,878.15

-732.96 (-0.98%)

Nifty 50

22,475.85

-172.35 (-0.76%)

Nifty IT

32,908.4

-294.95 (-0.89%)

Nifty Bank

48,923.55

-307.50 (-0.62%)

NIFTY Midcap 100

50,935.15

-179.95 (-0.35%)

NIFTY Smallcap 100

16,936.5

-82.90 (-0.49%)

Nifty Auto

22,541.35

-192.15 (-0.85%)

Yes Bank

24.95

-0.50 (1.96%)

Vodafone Idea

13.20

0.00 (0%)

BHEL

305.00

12.30 (4.2%)

NHPC

99.25

1.25 (1.28%)

IFCI

52.50

2.45 (4.9%)

SAIL

167.95

2.50 (1.51%)

Tata Steel

166.50

-0.85 (0.51%)

PNB

135.80

-2.25 (1.63%)

GMR Airports Infra.

85.60

-2.55 (2.89%)

South Indian Bank

28.80

-0.40 (1.37%)

HFCL

100.60

-3.00 (2.9%)

Coal India

474.60

20.70 (4.56%)

REC

557.80

3.90 (0.7%)

NMDC

268.95

10.45 (4.04%)

Zomato

197.25

1.80 (0.92%)

Easy Trip Planners

46.50

0.50 (1.09%)

Indian Railway Finance

157.00

-1.90 (1.2%)

Indian Oil Corp.

170.75

-2.65 (1.53%)

Dish TV India

17.70

0.15 (0.85%)

Bank of Maharashtra

68.40

-1.40 (2.01%)

Power Finance Corp

480.45

12.60 (2.69%)

ONGC

286.10

3.30 (1.17%)

Power Grid Corp

310.85

-2.75 (0.88%)

NTPC

364.95

-4.10 (1.11%)

Piramal Pharma

151.05

7.70 (5.37%)

Ashok Leyland

202.30

0.95 (0.47%)

IRB Infra.&Developer

69.75

0.05 (0.07%)

IDFC First Bank

80.90

-0.65 (0.8%)

ITC

436.45

-2.55 (0.58%)

SBI

831.45

1.40 (0.17%)

JP Associate

19.90

-0.45 (2.21%)

ICICI Bank

1142.05

2.60 (0.23%)

Bank Of Baroda

275.75

-3.65 (1.31%)

NMDC Steel

66.50

0.95 (1.45%)

SJVN

135.15

-2.00 (1.46%)

Bajaj Hindusthan Sug

35.30

-0.60 (1.67%)

Federal Bank

165.95

-2.05 (1.22%)

Patel Engineering

59.25

1.50 (2.6%)

Tata Power

454.75

-3.10 (0.68%)

IDBI

89.40

-1.70 (1.87%)

Indian Energy Exch

157.55

1.35 (0.86%)

Kotak Mahindra Bank

1546.70

-28.95 (1.84%)

HDFC Bank

1519.60

-12.65 (0.83%)

Indiabulls Real Est.

127.70

-2.25 (1.73%)

Bharat Electronics

234.10

-0.65 (0.28%)

GAIL India

203.80

-1.25 (0.61%)

Lloyds Engr Works

64.45

-4.25 (6.19%)

National Aluminium

185.10

-1.55 (0.83%)

Equitas Small Fin.

94.40

-0.60 (0.63%)

Vedanta

415.65

4.85 (1.18%)

Yes Bank

24.95

-0.50 (1.96%)

Vodafone Idea

13.20

0.00 (0%)

BHEL

305.00

12.30 (4.2%)

NHPC

99.25

1.25 (1.28%)

IFCI

52.50

2.45 (4.9%)

SAIL

167.95

2.50 (1.51%)

Tata Steel

166.50

-0.85 (0.51%)

PNB

135.80

-2.25 (1.63%)

GMR Airports Infra.

85.60

-2.55 (2.89%)

South Indian Bank

28.80

-0.40 (1.37%)

HFCL

100.60

-3.00 (2.9%)

Coal India

474.60

20.70 (4.56%)

REC

557.80

3.90 (0.7%)

NMDC

268.95

10.45 (4.04%)

Zomato

197.25

1.80 (0.92%)

Easy Trip Planners

46.50

0.50 (1.09%)

Indian Railway Finance

157.00

-1.90 (1.2%)

Indian Oil Corp.

170.75

-2.65 (1.53%)

Dish TV India

17.70

0.15 (0.85%)

Bank of Maharashtra

68.40

-1.40 (2.01%)

Power Finance Corp

480.45

12.60 (2.69%)

ONGC

286.10

3.30 (1.17%)

Power Grid Corp

310.85

-2.75 (0.88%)

NTPC

364.95

-4.10 (1.11%)

Piramal Pharma

151.05

7.70 (5.37%)

Ashok Leyland

202.30

0.95 (0.47%)

IRB Infra.&Developer

69.75

0.05 (0.07%)

IDFC First Bank

80.90

-0.65 (0.8%)

ITC

436.45

-2.55 (0.58%)

SBI

831.45

1.40 (0.17%)

JP Associate

19.90

-0.45 (2.21%)

ICICI Bank

1142.05

2.60 (0.23%)

Bank Of Baroda

275.75

-3.65 (1.31%)

NMDC Steel

66.50

0.95 (1.45%)

SJVN

135.15

-2.00 (1.46%)

Bajaj Hindusthan Sug

35.30

-0.60 (1.67%)

Federal Bank

165.95

-2.05 (1.22%)

Patel Engineering

59.25

1.50 (2.6%)

Tata Power

454.75

-3.10 (0.68%)

IDBI

89.40

-1.70 (1.87%)

Indian Energy Exch

157.55

1.35 (0.86%)

Kotak Mahindra Bank

1546.70

-28.95 (1.84%)

HDFC Bank

1519.60

-12.65 (0.83%)

Indiabulls Real Est.

127.70

-2.25 (1.73%)

Bharat Electronics

234.10

-0.65 (0.28%)

GAIL India

203.80

-1.25 (0.61%)

Lloyds Engr Works

64.45

-4.25 (6.19%)

National Aluminium

185.10

-1.55 (0.83%)

Equitas Small Fin.

94.40

-0.60 (0.63%)

Vedanta

415.65

4.85 (1.18%)

FEMA violation? ED search at India Cements Corporate Office - Radhakishan Damani-backed cement stock tanks 6%

India Cements ED Search: Ace investor and DMart founder Damani owns 3,51,32,665 equity shares of the cement company, which translates to 11.34 per cent stake in the company. His brother Gopikishan Shivkishan Damani also has 2,51,16,496 equity shares of India Cements or 8.10 per cent stake in the cement maker.

author-479256715
ET Now Digital

Updated Feb 1, 2024 | 02:36 PM IST

ED Search India Cements
Photo : ET Now Digital

FEMA violation? ED search at India Cements Corporate Office - Radhakishan Damani-backed cement stock tanks 6%

India Cements ED Search: Billionaire Radhakishan Damani-backed cement maker India Cements’ stock tanked on Thursday after the company confirmed ED searches as its premises. Shares of the S&P BSE 500-listed company declined around 7 per cent to hit an intraday low of Rs 236.85 apiece on BSE.
The company on Thursday afternoon acknowledged the searches conducted by the Enforcement Directorate, saying, “Certain Officials of “Enforcement Directorate” visited our Corporate Office in Chennai during 31.01.2024 and 01.02.2024 and conducted a search to find out if any irregularities concerning “FEMA”.”
"We have provided/ undertaken to provide all the clarification / documents sought by them,” India Cements said in an exchange filing. The company clarified that it does not anticipate any material impact on with regard to the aforesaid investigation.

India Cements Share Price Tanks
After the news emerged, shares of the cement company fell 7 per cent to an intraday low of Rs 236.85 on BSE. The stock opened in the green at Rs 264.75. India Cements stock has a 52-week high value of Rs 277, which it hit on January 4, 2024.
Radhakishan Damani Stake in India Cements
Ace investor and DMart founder Damani owns 3,51,32,665 equity shares of the company, which translates to 11.34 per cent stake in the company. His brother Gopikishan Shivkishan Damani also has 2,51,16,496 equity shares of India Cements or 8.10 per cent stake in the cement maker.
Meanwhile, India Cements also reported its quarterly earnings for the October-December 2023 quarter on Thursday. For the quarter ended December 2023, India Cements reported a narrowing down of its consolidated net loss to Rs 6.58 crore versus Rs 85.54 crore in the second quarter ended on September 2023 mainly due to a reduction in selling price and loss of volume.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
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