India Cements drops on report of ED conducting searches in Chennai offices

India Cements

01/02/2024 05:48

** Shares of India Cements  ICMN.NS  down 8.5% at 239.20
rupees, they fell as much as 9.5% earlier in the session
    ** Enforcement Directorate (ED) is conducting searches in
ICMN's offices in Chennai for foreign exchange management act
violations - CNBC-TV18 posted on X citing sources
    ** ED is India's financial crime-fighting agency
    ** ICMN didn't immediately reply to Reuters' request for
comment
    ** Stock on track to snap five straight session of gains, if
trend holds
    ** Stock witnessing its most active trading session since
Nov. 30, with more than 16.6 mln shares change hands, 3.6x of
30-day avg
    ** Avg rating of six analysts equivalent of "sell", median
PT is 158 rupees - LSEG data
    ** Stock rose 18.5% in 2023, its fourth straight yearly gain


 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))