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Damanis Pick Over 15% Stake In India Cements

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The scrip closed 15.77 per cent higher at Rs 116.70 on the BSE.

Shares of India Cements jumped 16 per cent on Friday after data showed ace investor Radhakishan Damani hiked stake in the cement maker during the March quarter.

The scrip closed 15.77 per cent higher at Rs 116.70 on the BSE.

At the end of March quarter, Radhakishan Damani held 3,18,86,777 shares in India Cements, representing 10.29 per cent stake in the cement company. He along with his younger brother Gopikishan Damani held another 1.34 per cent stake in cement firm as of March quarter. Besides, Gopikishan at his own name had 8.26 per cent personal stake in the firm.

Damani brothers now hold 19.89 per cent stake in the company. This is against the promoters who own 28.26 per cent stake in the firm.

At the end of December quarter, the ace investor held mere 4.73 per cent stake in the cement maker. His brother Gopikishan was not among shareholders with over 1 per cent stake in India Cement, as per the December quarter filing.

India Cements in a filing in March had reported 1.2 crore shares or 4 per cent stake buy by said Gopikishan, Radhakishan, Shrikantadevi (Radhakishan’s wife) and Derive Investments through open market purchases between February 27 and March 16. On February 26, India Cements had said that the investor family increased stake in the cement maker to 11.98 per cent.

“We believe that the cement sector has benefits of pricing discipline and low power & fuel costs to sustain profitability during the current weak demand environment,” Sharekhan said in a recent note.

The stock has jumped 63.45 per cent year-to-date compared with a 30 per cent slide in the BSE Sensex during the same period. 

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