Shares of India Cements rallied more than 8 percent intraday on January 14 after ace investor Radhakishan S Damani increased his stake in the company by 3.43 percent during the October-December quarter.
Damani already held a 1.3 percent equity stake in the cement company as per the shareholding pattern of September quarter.
In the quarter ended December 2019, he bought an additional 0.04 percent stake in one account and 3.39 percent shareholding in another account with the same name.
Hence at the end of the quarter, his stake increased to 4.73 percent, from 1.3 percent in the previous quarter.
However, Aditya Birla Sun Life Trustee through its four funds reduced stake in the company to 3.75 percent at the end of December quarter, from 4.38 percent in the previous quarter.
Reliance Capital Trustee through its funds also cut their shareholding in the company firm to 3.42 percent from 6.01 percent in the same period.
Principal Trustee sold its entire stake of 1.38 percent during the quarter.
Overall cement stocks rallied in the past several sessions amid an increase in cement prices per bag in major part of the country. The stock also gained 23 percent in last 15 sessions. It was quoting at Rs 86.05, up Rs 5.50, or 6.83 percent on the BSE at 1040 hours IST.
News Source: Moneycontrol