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India Cements spurts after Radhakishan Damani hikes stake

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India Cements jumped 6.46% to Rs 85.75 after veteran investor Radhakishan Damani raised his stake by 3.43% in the company during Q3 December 2019.

As on 30 September 2019, Radhakishan S Damani held 1.3% stake in India Cements. Latest shareholding disclosure showed that his stake increased to 4.73% as on 31 December 2019.

Shares of India Cements surged 17.62% in six trading sessions from its recent closing low of Rs 72.90 on 6 January 2020.

On the technical front, the stock's RSI (relative strength index) stood at 73.615. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was seen trading in between its 50-day moving average (DMA) placed at Rs 77.08 and its 200-day moving average (DMA) placed at Rs 89.28.

On a consolidated basis, India Cements reported net profit of Rs 5.07 crore in Q2 September 2019 compared with net loss of Rs 5.03 crore in Q2 September 2018. Net sales fell 11.2% to Rs 1,269.40 crore in Q2 September 2019 over Q2 September 2018.

India Cements' brands include Sankar Super Power, Coromandel King and Raasi Gold. These brands are available under sub brands, such as Shankar Shakti and Coromandel Super Power. The cement manufacturer'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: Tue, January 14 2020. 13:39 IST