India Cements share continues to be in defiant mode since the founder of Avenue Supermarts which promotes DMart Radhakrishnan Damani was seen consolidating his stake the cement maker.
The company headed by former International Cricket Council chairman N Srinivasan, Monday said that Gopikishan Damani, Radhakishan Damani, Shrikantadevi Damani and Derive Investments have picked up 1.2 crore shares or 4% stake through open market purchases between February 27 and March 16, raising stake to 16% from 11.98%.
Damani bought 16 lakh shares of India Cement on Wednesday at Rs 94.97 per share.
On February 26, India Cements had said that the investor family has increased stake in the cement maker to 11.98% from 7.27%. At the end of the December quarter, Damani held 4.73% stake in the cement manufacturer.
Shares of India Cements ended up nearly 8% at Rs 95.85 on Wednesday.
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.
So far in the calendar year 2020, shares of India Cement have outperformed the market by surging over 34% against over 24% slide in the benchmark Nifty50 index.
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