Damanis hike stake in India Cements by21% in Q3

Billionaire investors and promoters of Avenue Supermarts, Radhakishan Damani along with brother Gopikishan S Damani, have hiked their stake in India Cements in the December 2020 quarter following a stellar performance by the firm from its 52-week low level scaled in February last year. Together, the Damanis hold 21.14 per cent stake in the firm as against 28.42 per cent held by the promoters.

Radhakishan Damani increased his stake in the firm by 0.54 per cent in the third quarter of FY21. He held 3,51,32,665 shares or 11.34 per cent stake in the company at the end of December quarter against 3,34,52,777 shares or 10.8 per cent stake at the end of September quarter.

At the same time, his brother Gopikishan Shivkishan Damani owned 8.46 per cent of the total paid-up capital in the company in Q3 as against 8.26 per cent in Q2. Besides that, Damani brothers together hold another 1.34 per cent stake in the firm.

Following this development, shares of the firm rose 6.5 per cent on the NSE to Rs 172. From its 52-week low of Rs 69.60, the scrip has rallied over 130 per cent.

The Damani family has been steadily increasing its holding in India Cements. At the end of December quarter last year, the ace investor held a mere 4.73 per cent stake in the cement maker. His brother Gopikishan was not among shareholders with over 1 per cent stake in India Cements.

Meanwhile, foreign portfolio investors increased shareholding in the firm to 12.42 per cent in the December quarter from 11.95 per cent in the September quarter.