Damani Bros. pick up over 4% stake in India Cements

Mumbai-based billionaire investor and D-Mart founder, Radhakishan Damani and his brother, Gopikishan Damani have acquired a total 1.26 crore equity shares, or 4.09% stake in India Cements.

On National Stock Exchange (NSE), ace investor, Radhakishan Damani bought 27.25 lakh equity shares, or 0.87% stake at Rs 104.16 per share. His brother, Gopikishan Damani purchased 83.71 lakh equity shares, or 2.70% stake at Rs 98.42 per share.

On Bombay Stock Exchange (BSE), Gopikishan Damani bought 15.92 lakh equity shares, or 0.51% stake at Rs 98.59 per share.

Together, Damani Brothers have acquired a total 1.26 crore equity shares, or 4.09% stake, of the cement maker on both NSE and BSE combined on Wednesday, 26 February 2020.

Gopikishan Damani purchased 85.22 lakh shares, or 2.75% stake, of India Cements at Rs 82.70 per share on NSE on Tuesday, 25 February 2020.

As of 31 December 2019, Radhakishan Damani held 4.72% stake in the firm.

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.

India Cements fell 2.15% to Rs 102.35 on profit booking. The stock traded in the range of Rs 98.50 to Rs 111.90 so far.

The stock surged 40.97% in the past two sessions from its closing low of Rs 74.20 on 24 February 2020.

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