Deccan Chronicle Holdings gains 9% in 2 days

Shares of Deccan Chronicle Holdings (DCHL) gained nearly 9 percent in two consecutive sessions on Wednesday.

Yesterday the Bombay High Court granted three more days to DCHL to give an irrevocable and unconditional bank guarantee of Rs 100 crore to the Indian cricket board regarding IPL franchise Deccan Chargers.

DCHL, owners of IPL team Deccan Chargers, were on October 1 directed by the high court to submit by October 9 the bank guarantee which would be in force for a period of one year. The direction was passed by justice S J Kathawala while hearing a petition filed by DCHL challenging BCCI's decision to terminate the contract of cash-strapped Hyderabad franchise.

BCCI had in September taken the decision to terminate the contract after an emergency IPL Governing Council meeting in Chennai. DCHL filed an application seeking extension of time to submit the bank guarantee which was accepted by the court. The company will now have to give the bank guarantee by Friday.

At 10:44 hours IST, the share was trading at Rs 9.49, up 4.06% amid large volumes. Market capitalisation of the company currently stands at Rs 198.31 crore.
 
(With inputs from PTI)