Shares in India Cements soared 10.5% on the BSE to day's high of Rs. 139.30, just close to its 52-week high price of Rs. 140.
This is after the D-Mart owner Radhakishan Damani as per reports is eyeing a major stake in the cements company. It is worth mentioning that as per reports Damani has officially approached N. Srinivasan for considering a takeover deal.
As per the March ended quarter shareholding pattern, R. Damani together with Gopikishan Damani owns a 20% stake in the firm.
Nonetheless, even after the development broking house Centrum maintains a 'Sell' call on the stock with a target price of Rs. 55. And owes the current rise in valuation to the investor action by Damanis.
In view of the current weak economic scenario, the fundamentals of the company are expected to be weak .