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India Cements hardens as Radhakishan Damani hikes stake

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India Cements soared 8.71% to Rs 104.20 after Mumbai-based billionaire Radhakishan Damani purchased 16 lakh shares for Rs 94.97 each via bulk deal on BSE yesterday, 25 March 2020.

On 16 March 2020, India Cements said that Gopikishan Damani, Radhakishan Damani, Shrikantadevi Damani and Derive Investments (whose partners are Radhakishan S. Damani and Gopikishan S. Damani) picked up 1.24 crore shares or 4.01% stake through open market purchases between 27 February and 16 March, raising stake to 16% from 11.98%.

The stock jumped 17.80% in three consecutive trading sessions to its current market price of Rs 104.20 from its recent closing low of Rs 88.45 on Monday, 23 March 2020.

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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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, March 26 2020. 11:02 IST
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