The stock has gained 35 percent over the past one year, with a 52-week high of Rs 189.35 and 52-week low of Rs 134.05
File image of Radhakishan Damani.
Shares of India Cements zoomed more than 8 percent in the early trade on December 22, hitting an intraday high of Rs 192. 35 on the BSE.
A regulatory filing on December 21 showed that billionaire investor Radhakishan Damani increased his stake in the company to 22.76 percent, up from 21.14 percent at the end of September.
RK Damani has been increasing his stake in the cement company marginally since last year. He held 19.89 percent shares in the company in the March quarter of 2020 and raised it to 20.4 percent in July 2020.
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In January this year, Damani had increased his stake to 21.14 percent, and maintained it for the next 11 months.
Damani, who is also the founder of retail major D-Mart, was reportedly planning to acquire a controlling stake in India Cements last year. However, India Cements Managing Director N Srinivasan had dismissed the reports.
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At 9:25am, the stock was up 7.2 percent at Rs 189.35 on the BSE. It is still 18 percent away from its 52-week high of Rs 232.05. The stock gained 35 percent over the past one year and saw a 52-week low of Rs 134.05.
