DMart owner hikes stake in India Cements to 19.9%, stock zooms 13%

Analysts say acquirer may have found the firm attractive at the valuation at which it was available at

Radhakishan S Damani, promoter of DMart chain of supermarkets, along with Gopikishan S Damani, has increased the stake in India Cements to 19.89 per cent as of the end of March quarter.
 

Damani’s stake in the cement maker stood at 4.72 per cent as of December 31, 2019, according to the stock exchange data.

The move sent shares of India Cements soaring to its 52-week high of Rs 118.55 in intra-day trades, before closing with gains of 13.2 per cent at Rs 114.10 on the BSE on Friday.
 

“Looking at the cheap valuations India Cements was available at, Damani may have