Shares of India Cements jumped as much as 8.6 per cent to Rs 104 apiece on Tuesday in an otherwise volatile market after Damani family further increased their stake in the company from 11.98 per cent to 16 per cent through open market transactions till March 16, 2020.
On February 26, India Cements had said that the investor family increased their stake by 7.27 per cent to 11.98 per cent.
The Chennai-headquartered cement manufacturer on Monday said that Gopikishan Damani, Radhakishan Damani, Shrikantadevi Damani and Derive Investments, where the first two are partners, have picked up 1,24,57,180 equity shares, which is around 4.02 per cent of the total shares in the company, through open market purchase, between February 27 to March 16, 2020. READ MORE
Damani family was ranked as second after Mukesh Ambani in the Forbes Real-Time Billionaires List with a realtime net worth of $17.3 billion. Radhakishan Damani is the founder of Avenue Supermarts Ltd which promotes DMart.
So far in the calendar year 2020, shares of India Cements have outperformed the market by surging over 34 per cent against over 24 per cent slide in the benchmark Nifty50 index (as of Monday's close). The stock had hit a 52-week high of Rs 116.95 on the NSE on May 28, 2019.
At 09:45 am, shares of the India Cements were trading over 4 per cent higher at Rs 99.85 on the NSE. In comparison, the NSE's Nifty50 was quoting 88 points or a per cent higher at 9,285 levels.