RK Damani hikes stake in India Cements, stock up 7%

NEW DELHI: Shares of India Cements jumped 7 per cent in Thursday’s trade after data showed ace investor Radhakishan Damani bought 16 lakh shares of the cement maker at Rs 94.97 per share.

The investor and his family have been steadily increasing stake in the company.

On Monday, India Cements said that Gopikishan Damani, Radhakishan Damani, Shrikantadevi Damani and Derive Investments picked up 1.2 crore shares or 4 per cent stake through open market purchases between February 27 and March 16, raising stake to 16 per cent from 11.98 per cent.


On February 26, India Cements had said that the investor family has increased stake in the cement maker to 11.98 per cent from 7.27 per cent.

The stock has jumped 42 per cent year-to-date compared with a 30 per cent slide in the BSE Sensex during the same period.

At the end of the December quarter, Damani held 4.73 per cent stake in the cement manufacturer.

The shares of the company closed 6.94 per cent higher at Rs 102.50 on BSE.