India Cements stock up by more than 6% on Damani takeover buzz

India Cements stock rallied on Wednesday after reports that marquee investor Radha Kishan Damani is exploring a takeover.

The stock was trading up more than six per cent at Rs 133.70. In early trade, the stock was up by more than 10 per cent.

Bloomberg reported that Damani is considering acquiring a controlling stake in India Cements.

Damani, the owner of Avenue Supermarts Ltd., has informally reached out to the cement manufacturer's controlling shareholder, N. Srinivasan, to explore a takeover, the report said.

Srinivasan,