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.
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