Share price of the cement maker India Cement continues to rally for the second straight day driven by increased investor interest.
The counter received a shot in arm as latest shareholder data revealed ace investor Radhakrishnan Damani raised stake in the cement maker.
At the end of March quarter, Radhakishan Damani held 3,18,86,777 shares in India Cements, representing 10.29% stake in the cement company. He along with his younger brother Gopikishan Damani held another 1.34% stake in cement firm as of March quarter. Besides, Gopikishan at his own name had 8.26% personal stake in the firm.
Damani brothers now hold 19.89% stake in the company. This is against the promoters who own 28.26% stake in the firm.
At the end of December quarter, the ace investor held mere 4.73% stake in the cement maker. His brother Gopikishan was not among shareholders with over 1% stake in India Cement, as per the December quarter filing.
India Cements in a filing in March had reported 1.2 crore shares or 4% stake buy by said Gopikishan, Radhakishan, Shrikantadevi (Radhakishan’s wife) and Derive Investments through open market purchases between February 27 and March 16. On February 26, India Cements had said that the investor family increased stake in the cement maker to 11.98%.
India’s cement sector is set reap rich rewards from infrastructure spending. So far the sector has yielded benefits of pricing discipline and low power & fuel costs to sustain profitability during the current weak demand environment.
India Cement jumped 65% year-to-date compared with a 30% slide in the BSE Sensex during the same period.
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