RK Damani increases stake in India Cements to 22.76%

RK Damani increases stake in India Cements to 22.76%

Shares of India Cements jumped as much as 9% on Wednesday as marquee investors hike their stakeholding in the cement manufacturer.
Billionaire investor Radhakishan Damani has increased his stake in India Cements to 22.76%, up from 21.14% at the end of September 2021 quarter, a regulatory filing showed on December 21.
RK Damani has been marginally increasing his stake in the cement giant since last year. He held 19.89% shares in the company in March quarter of 2020, followed by a marginal increase to 20.4% in July 2020.

In January this year, Damani had increased his stake to 21.14%, and maintained the same for the next 11 months.
Damani, who is also the founder of retail behemoth D-Mart, was reportedly planning to acquire a controlling stake in India Cements last year. However, India Cements managing director N Srinivasan had dismissed the reports.
Notably, India Cements posted a dip in its net profit in the Q2 FY22 quarter. The profit after tax came in at Rs 30 crore, down by 57% as compared to the corresponding period of last year. The company’s revenue from operations was, however, up by 13% to Rs 1,235 crore.

Disclaimer –
This document is meant for the recipient only for use as intended and not for circulation. This document should not be reproduced or copied or made available to others. The information contained herein is from the public domain or sources believed to be reliable. While reasonable care has been taken to ensure that information given is at the time believed to be fair and correct and opinions based thereupon are reasonable, due to the very nature of research it cannot be warranted or represented that it is accurate or complete and it should not be relied upon as such. Also above note is not a recommendation to Buy or SELL and is only a view based on facts and figures and we will be in no way responsible for any losses incurred by anyone who uses this information to either trade or invests securities mentioned herein.