22 Dec , 2021 By : monika singh
NEW DELHI – Shares of India Cements zoomed 9 per cent in early trade on Wednesday as market confidence in the stock strengthened after veteran investor Radhakishan S. Damani and some others picked up a 2.03 per cent stake in the company via open market transaction, increasing shareholding to 22.76 per cent from 20.73 per cent.
The scrip climbed to a high of Rs 191.80 against Rs 176.65 at the previous close on the National Stock Exchange.
RK Damani has been marginally increasing his stake in the cement giant since last year, reports said, adding that he held 19.89 per cent shares in the company in the March quarter of 2020, followed by a marginal increase to 20.4 per cent in July 2020.
In January 2021, Damani had increased his stake to 21.14 per cent and maintained the same for the next 11 months.
According to reports, Damani, the founder of retail giant D-Mart, was supposedly planning to acquire a controlling stake in India Cements last year. However, India Cements Managing Director N Srinivasan subsequently dismissed the reports.
India Cements reported a decline in its net profit in July-September. The profit after tax clocked in at Rs 30 crore, registering a decline of 57 per cent compared to the corresponding period of last year. The company's revenue from operations, however rose by 13 per cent to Rs 1,235 crore.
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