India Cements rallied 4.55% to Rs 100 after veteran investor and D-Mart founder, Radhakishan Damani raised his stake in the company by 4.02% to 16%.
As per India Cement's disclosure after trading hours yesterday, 16 March 2020, Radhakishan S. Damani, accompanied by his brother, Gopikishan S. Damani, his wife, Shrikantadevi S. Damani and Derivate Investments (whose partners are Radhakishan S. Damani and Gopikishan S. Damani) have bought 1.24 crore equity shares or 4.01% stake in India Cements.
Post acquisition, the Damani family has hiked their shareholding to 16% from 11.98% held earlier.
The stock surged 25.62% in the past three trading sessions from its recent closing low of Rs 79.60 on Thursday, 12 March 2020.
On a consolidated basis, India Cements reported net loss of Rs 8.79 crore in Q3 December 2019 compared with net loss of Rs 4.32 crore in Q3 December 2018. Net sales declined 7.9% to Rs 1,244.28 crore in Q3 December 2019 over Q3 December 2018.
India Cement's brands include Sankar Super Power, Coromandel King and Raasi Gold. These brands are also available under sub brands, such as Shankar Shakti and Coromandel Super Power. The firm's plants are located in various locations in India, including Malkapur, Vishnupuram, Chilamkur, Yerraguntla, Vallur, Sankari, Dalavoi, Sankarnagar, Banswara and Parli.
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