Last Updated on Dec 22, 2021 by Aradhana Gotur
India Cements gained 35% over the last year, when its 52-week high and 52-week low were Rs. 189.35 and Rs. 134.05, respectively. A regulatory filing on 21 December 2021 revealed that billionaire Radhakishan Damani had increased his stake in the company from 21.14% to 22.76% at the end of September.
RK Damani has had his eyes on the stock since last year and has been increasing his stake in the company. In March of 2020, he held 19.89% in India Cements, which increased to 20.4% in July. And in January 2021, Damani bought more stake in the company, totalling 21.14%.
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About India Cements
Chennai-based India Cements is one of the largest cement producers in South India. Reportedly, Damani planned to acquire a controlling stake in India Cements last year. However, the MD of India Cements had dismissed the reports.
In the September quarter of 2021, the company had posted a standalone profit of Rs. 21.97 cr. During the same quarter last year, the standalone profit stood at Rs. 71.43 cr.
Today, the stock opened with a gap up gain of ~5%. It has been rallying for the last two days, during which it has gained over 9%. As per the Markets Mojo website, the delivery volume of 4.19 lakh on Tuesday raised by 0.2% against the 5-day average delivery volume. Delivery volume is an effective tool for analysing a stock. The higher the delivery volume in a stock, the higher the investor confidence.