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    "title": "CSK effect: India Cements scrip continues to downslide",
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    "excerpt": "The share price of cement major India Cements Ltd continued its fall to close Thursday at Rs.94.60 ",
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    "editor1": "<p><span style=\"font-size:14px\"><span style=\"font-family:arial\">Chennai, Nov 27 (IANS) The share price of cement major India Cements Ltd continued its fall to close Thursday at Rs.94.60 at the Bombay Stock Exchange.<\/span><\/span><\/p>\r\n\r\n<p><span style=\"font-size:14px\"><span style=\"font-family:arial\">Trading at a price of around Rs.105 Nov 21, the Rs.10 face value script had a steep fall to Rs.95.35 Tuesday and from then onwards the fall continued in a marginal way.<\/span><\/span><\/p>\r\n\r\n<p><span style=\"font-size:14px\"><span style=\"font-family:arial\">The scrip opened at Rs.95.50 Thursday, touched a high of Rs.98.25 during the day and closed at Rs.94.60.<\/span><\/span><\/p>\r\n\r\n<p><span style=\"font-size:14px\"><span style=\"font-family:arial\">The slide in the scrip&#39;s rate is due to the Supreme Court raising the issue of conflict of interest - India Cements, headed by N.Srinivasan, owns IPL team Chennai Super Kings (CSK) team and the Board of Control for Cricket in India (BCCI) also earlier headed by Srinivasan.<\/span><\/span><\/p>\r\n\r\n<p><span style=\"font-size:14px\"><span style=\"font-family:arial\">According to reports, the apex court had asked Srinivasan to furnish details of shareholdings of India Cements and its board composition.<\/span><\/span><\/p>\r\n\r\n<p><span style=\"font-size:14px\"><span style=\"font-family:arial\">In September this year, India Cements&#39; board had approved the demerger of CSK (a division) into a wholly owned subsidiary by transferring the assets at net cost.<\/span><\/span><\/p>\r\n\r\n<p><span style=\"font-size:14px\"><span style=\"font-family:arial\">The effective date of transfer will be Jan 1, 2015, subject to all approvals.<\/span><\/span><\/p>\r\n\r\n<p><span style=\"font-size:14px\"><span style=\"font-family:arial\">Company officials had earlier said the CSK had given its cement brands good exposure in various markets. The company earned around Rs.166 crore from CSK.<\/span><\/span><\/p>\r\n\r\n<p><span style=\"font-size:14px\"><span style=\"font-family:arial\">India Cements had successfully bid for the Chennai franchise in 2008 for $91 million. The amount will be paid over a ten year period.<\/span><\/span><\/p>\r\n",
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    "created": "2015-02-09 23:45:00",
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