India Cements zooms 37% in 2 days after Gopikishan Damani buys 2.75% stake

Ali Corbett

Shares of India Cements surged eighteen.5 for every cent to Rs 103.35 on Wednesday, so rallying around 37 for every cent in the previous two trading times just after Gopikishan Damani bought 2.75 for every cent stake in the firm for a whole volume of Rs 70.5 crore by means of open up sector.

On Tuesday, Gopikishan S Damani experienced acquired eight.52 million shares in India Cements at an regular price tag of Rs 82.70 apiece, NSE bulk offer data showed. The identify of the sellers have been not ascertained immediately.


In accordance to the shareholding sample, Gopikishan’s brother Radhakishan Damani now held a four.73 for every cent stake in India Cements at the end of December 2019 quarter, up from one.three for every cent stake in September quarter.

More than the previous a single year, shares of India Cements have underperformed the sector. The stock has received just 2 for every cent as against around nine for every cent advance in the benchmark Nifty50 index.

At 10:32 am, the stock was trading eighteen for every cent greater at Rs 103 apiece on the BSE. In comparison, the benchmark S&P BSE Sensex was trading 289 factors or .72 for every cent decreased at 39,992 stages.

For the third quarter of the current fiscal year (Q3FY20), India Cements noted a loss of Rs 5.37 crore on a standalone basis against a net profit of Rs three.thirteen crore in the identical period of time previous year. Complete profits stood at Rs one,194 crore against Rs one,248 crore. The gross profit (earnings in advance of interest, tax, depreciation, and amortization or EBITDA) was Rs 132 crore compared to Rs 139 crore in the identical period of time previous year. The all round cost dropped to Rs one,204 crore from Rs one,317 crore a single year in the past, explained the firm’s administration. Read through Far more

In the meantime, Star Cement, Sanghi Industries, Orient Cement, JK Lakshmi Cement, Heidelbergcement India and Birla Corporation from the cement & cement merchandise stocks have been up in the range of three for every cent to 10 for every cent on the BSE.

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