India Cements hits the roof as Gopikishan Damani picks stake

India Cements hit an upper circuit of 20% at Rs 104.60 after Gopikishan Damani bought 2.75% stake in the cement maker.

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. Gopikishan Damani is the brother of ace investor and D-Mart chief Radhakishan Damani.

As of 31 December 2019, Radhakishan Damani held 4.71% stake in the firm.

Shares of India Cements surged 40.97% in two trading sessions from a recent closing low of Rs 74.20 on Monday, 24 February 2020.

On the technical front, the stock's RSI (relative strength index) stood at 73.225. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

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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