India Cements rallied 5.46% to Rs 186.25 after billionaire investor Radhakishan Damani and family acquired 62,98,686 equity shares or 2.03% stake in the company from 30 March 2020 to 20 December 2021.
Post transaction, ace investor Radhakishan Damani and family increased their shareholding to 7,05,56,435 equity shares or 22.76% stake from 6,42,57,749 equity shares or 20.73% stake held in India Cements. The deal was executed as open market purchase.
Radhakishan Damani has been increasing his stake in the cement company marginally since last year. Mr Damai held 19.89% stake in the company in the March quarter of 2020 and raised it to 20.4% in July 2020.
India Cements' consolidated net profit declined 56.8% to Rs 32.53 crore in Q2 FY22 from Rs 75.38 crore posted in Q2 FY21. Net sales rose 13.3% to Rs 1,234.85 crore in Q2 FY22 from Rs 1,089.96 crore posted in Q2 FY21.
India Cements is primarily engaged in manufacture and marketing of cement and cement related products.
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