Shares of India Cements in early trade on Thursday jumped as much as 9.5% to hit an intra-day high of Rs. 105 on the BSE. On March 25, 2020, the stock closed at a price of Rs. 95.85 per share.
The surge comes due to additional stake purchase in the firm by veteran investor Radhakishan Damani. On March 25, 2020, Radhakishan Damani bought 16 lakh shares of the company at Rs 94.97 per share.
On Monday, the company said Gopikishan Damani, Radhakishan Damani, Shrikantadevi Damani and Derive Investments bought 4% stake or 1.2 crore shares in the company via open market purchase, increasing their stake to 16% from the earlier 11.98%.
Shares of India Cements, a south-based cement entity, last quoted with gains of 5.95% or Rs. 5.70 at Rs. 101.55 on the BSE.