India Cements jumps 8% as Damani family increases stake to 20% in Q4

As on March 2020, Radhakishan Damani held 10.29 per cent stake in India Cements
Shares of India Cements jumped 8 per cent to Rs 109 on the BSE on Friday after the company said the Damani family’s stake in the company increased to nearly 20 per cent in the March quarter. The stock was trading close to its 52-week high level of Rs 117, touched on May 28, 2019.

Gopikishan Damani and Radhakishan Damani’s combined stake in India Cements increased to 19.89 per cent at the end of March 2020 quarter, according to shareholding pattern disclosed by the company. Radhakishan Damani is the founder of Avenue Supermarts Ltd, which promotes DMart.

Gopikishan Damani and Radhakishan Damani collectively acquired an additional 47 million equity shares, or 15.16 percentage point stake, in the cement and cement products company during the January-March quarter of FY20. The Damani family held 4.73 per cent holding at the end of December quarter, data shows.

As on March 2020, Radhakishan Damani held 10.29 per cent stake and Gopikishan Damani held 8.26 per cent holding, while Radhakishan Damani & Gopikishan Damani held 1.34 per cent stake each, the shareholding pattern data shows. CLICK HERE FOR DETAILS

The Damani family is now the second largest shareholders in India Cements after the promoters, which held 28.26 per cent stake in India Cements in March quarter, data shows.

Meanwhile, mutual funds' holding in India Cements declined from 11.1 per cent to 2.7 per cent during the quarter. Foreign portfolio investors' stake in the company also declined to 12.85 per cent from 14.57 per cent in the previous quarter. CLICK HERE FOR DETAILS

In the past three months, shares of India Cements have outperformed the market by surging 44 per cent against 25 per cent decline in the S&P BSE Sensex.

At 02:45 pm, the stock was trading over 7.4 per cent higher at Rs 108 on the BSE. In comparison, the benchmark index was quoting 44 points, or 0.14 per cent, lower at 31,089 levels. The trading volumes on the counter more than doubled with a combined 5.6 million shares changing hands on the BSE and NSE so far.

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel