India Cements Up 7% As Damanis Raise Stake

In December-ended quarter, Avenue Supermarts' promoter and billionaire investor Radhakishan Damani, along with brother Gopikishan S Damani, hiked stake in India Cements.

As per data on the stock exchanges released on Monday, for the period ended 31 December 2020, Radhakishan Damani has raised his stake in the company by 0.54% during the third quarter to 11.34% or over 3.51 lakh shares.

His brother Gopikishan Shivkishan Damani has raised his stake from 8.26% in the September-ended quarter to 8.46% as on 31 December 2020.

Besides that, Damani brothers together hold another 1.34% in the firm.

At the end of December 2019, Radhakishan Damani held only 4.73% stake in the company while his brother was not included among shareholders with over 1% stake.

Following the release of data on the shareholding pattern, shares of India Cements rose as much as 7.3% on Tuesday to Rs 173.35. The stock has gained 130% from its 52-week low of Rs 69.60 seen in February 2020.

Meanwhile, foreign portfolio investors (FPIs) have increased shareholding in the firm to 12.42% in Q3 from 11.95% in the September-ended quarter. Whereas, mutual funds have trimmed their holding to 3.76% from 3.92% in the same period.