Damani family picks up 7% stake in India Cements, stock climbs 20%

The stock price of India Cements has grown 19.95 per cent to Rs 104.60 on Wednesday. | Representative Image
Damani family, one of the richest families in India, has increased their stake by 7.27 per cent in India Cements Ltd to a total of 11.98 per cent through open market purchase of 22.51 million equity shares.


Shares of India Cements on Wednesday climbed 20 per cent, extending its two-day gain to over 40 per cent after the shares were purchased by the Damani family.  


According to the block deal list of National Stock Exchange, Radhakishan Damani, the founder of Avenue Supermarts and Gopikishan Damani together on Wednesday bought 11 million shares in India Cements for Rs 111 crore. 


A BSE filing said that the total purchase of 22.5 million equity shares were made by Gopikishan Damani, Radhakishan Damani, Shrikantadevi Damani and Derive Investments where the first two are partners.


The stock price of India Cements has grown 19.95 per cent to Rs 104.60 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. Radhakishan Damani is the founder of Avenue Supermarts Ltd which promotes DMart.


According to Motilal Oswal Investment Services report in February, 2020, the company's results highlghted the demand slowdown in South India with volumes declining 10 per cent with pricing down by four per cent quarter on quarter. Demand revival in the South and subsequent pricing improvement will remain the key monitorables for the company, it said.



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