India Cements posts third-quarter net loss

India Cements Ltd posted a net loss for third quarter, compared with a profit a year ago, dragged down by muted cement sales in the south.

The Chennai-based firm posted a net loss of INR116.8m, compared with a net profit of INR4.2m a year ago.

The company registered flat revenue growth at INR10.359bn crore for the three months to December as against INR10.365bn crore a year ago.

CSK transfer
Meanwhile, the board of India Cements yesterday approved a proposal to transfer the ownership of the cricket franchise to Chennai Super Kings Cricket Ltd, a wholly owned subsidiary. “India Cement will just be a cement company”, said N Srinivasan executive chairman and managing director of the company said. The move led India Cements' shares to surge by as much as 13.84 per cent