India Cements share price hits 52-week high after Radhakishan Damani family raises stake

India Cements share price hit a fresh 52-week high today after market veteran Radhakishan Damani and family bought 15.16 percent additional stake in the company Q4. Share price of India Cements rose up to 17.61% to Rs 118.55 compared to the previous close of Rs 100.80 on BSE.

The small cap stock closed 13.19% or Rs 13 higher at Rs 114.10 on BSE. India Cements share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock has gained 60% since the beginning of this year and 23% during last one year. 

In one week, the share has climbed 16.43%. Total 12.14 lakh shares changed hands on BSE amounting to turnover of Rs 13.50 crore.

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Market cap of India Cements rose to Rs 3,535 crore. Radhakishan S Damani held 10.29 percent stake in the cement maker, while his brother Gopikishan Shivkishan Damani had 8.26 percent and the rest 1.34 percent was held by both together, as per the shareholding pattern at the end of Q4 available on exchanges.

That amounts to a combined holding of 19.89 percent in March quarter compared to 4.73 percent at the end of December quarter.

In December quarter , Radhakishan S Damani had 4.73 percent stake in the company through two accounts (3.39 percent and 1.34 percent). Damani has been purchasing stake in the cement company since the September quarter.

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On February 26, India Cements share price hit upper circuit of 20% after Gopikishan Damani bought 2.75 per cent stake in the cement maker. Damani's brother bought 85,22,428 shares at Rs 82.7 per share, bulk deal data on NSE showed.  Avenue Supermarts founder Radhakishan Damani himself held 1,46,24,021 shares or 4.73 per cent stake in the cement maker at the end of quarter December 31, 2019.

By Aseem Thapliyal