+
 India Cements shares surge 9% as Damani increases stake to 22.76%
Real Estate

India Cements shares surge 9% as Damani increases stake to 22.76%

Shares of India Cements soared 9% in early trade as market confidence in the stock boosted after veteran investor Radhakishan S Damani and a few others picked up a 2.03% stake in the firm through an open market deal, expanding shareholding to 22.76% from 20.73%.

The scrip rose to a high of Rs 191.80 compared to Rs 176.65 at the prior close on the National Stock Exchange. RK Damani has been marginally raising his stake in the cement major since 2020, as per the reports. He held 19.89% shares in the firm in the March quarter of 2020, followed by a marginal rise to 20.4% in July last year.

In January 2021, Damani had increased his stake to 21.14% and kept the same for the next 11 months. As per the reports, Damani, the founder of retail major D-Mart, was apparently planning to obtain a controlling stake in India Cements in 2020. Yet, N Srinivasan, India Cements Managing Director, later dismissed the reports. India Cements registered a drop in its net profit in July-September.

The profit after tax clocked in at Rs 30 crore, recording a drop of 57% as against the similar period of last year. The firm's revenue from operations, however, surged by 13% to Rs 1,235 crore.

For the quarter under review, the firm's production was enhanced by 8%. In April-September, production increased 21% to 4.12 million tonnes. India Cements’ extended marketing zones during this period helped improve dispatches with an overall sale of 2.36 million tonnes for the quarter, compared to 2.11 million tonnes during the previous year, which increased by 12%.

Image Source

Shares of India Cements soared 9% in early trade as market confidence in the stock boosted after veteran investor Radhakishan S Damani and a few others picked up a 2.03% stake in the firm through an open market deal, expanding shareholding to 22.76% from 20.73%. The scrip rose to a high of Rs 191.80 compared to Rs 176.65 at the prior close on the National Stock Exchange. RK Damani has been marginally raising his stake in the cement major since 2020, as per the reports. He held 19.89% shares in the firm in the March quarter of 2020, followed by a marginal rise to 20.4% in July last year. In January 2021, Damani had increased his stake to 21.14% and kept the same for the next 11 months. As per the reports, Damani, the founder of retail major D-Mart, was apparently planning to obtain a controlling stake in India Cements in 2020. Yet, N Srinivasan, India Cements Managing Director, later dismissed the reports. India Cements registered a drop in its net profit in July-September. The profit after tax clocked in at Rs 30 crore, recording a drop of 57% as against the similar period of last year. The firm's revenue from operations, however, surged by 13% to Rs 1,235 crore. For the quarter under review, the firm's production was enhanced by 8%. In April-September, production increased 21% to 4.12 million tonnes. India Cements’ extended marketing zones during this period helped improve dispatches with an overall sale of 2.36 million tonnes for the quarter, compared to 2.11 million tonnes during the previous year, which increased by 12%. Image Source

Next Story
Real Estate

Shriram Properties Launches ‘Codename: The One’ in Bengaluru

Shriram Properties (SPL), a leading real estate developer focused on the mid-market and mid-premium segments, has announced the launch of its latest residential project under the banner “Codename: The One” in Bengaluru’s Electronic City corridor. This feature-rich gated community will offer 340 spacious 2- and 3-BHK residences, with a total saleable area of approximately 5 lakh square feet and an estimated revenue potential of over Rs 3.5 billion. The project is expected to be developed over a span of more than three years.  Strategically located near the Bommasandra Metro stat..

Next Story
Resources

India Warehousing Show 2025 Closes with Strong Global Presence

The 14th edition of the India Warehousing Show (IWS) 2025 concluded successfully at Yashobhoomi (IICC), Dwarka, drawing participation from over 300 exhibitors across 15 countries and welcoming 15,000+ visitors. Recognised as India’s leading platform for warehousing and logistics excellence, IWS 2025 offered a comprehensive display of cutting-edge automation, sustainable warehousing solutions, and next-gen supply chain technologies. The show was inaugurated by Shri Pankaj Kumar, Joint Secretary – Logistics, DPIIT, Ministry of Commerce and Industry, Government of India. In his opening a..

Next Story
Equipment

MHIET Launches 450kW Gas Cogeneration System with H₂ Co-Firing

Mitsubishi Heavy Industries Engine & Turbocharger (MHIET), part of the Mitsubishi Heavy Industries Group, has launched a new 450kW gas cogeneration system, the SGP M450, jointly developed with Toho Gas Co.,. The system supports hydrogen co-firing at up to 15 vol per cent, with no loss in performance or reliability.  The system is currently available in the Japanese market, and has been developed from the existing GS6R2 city gas engine platform. Key modifications were made to the fuel gas and engine control systems to enable hydrogen co-firing.   Verified through de..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?