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

Mahindra Lifespaces Bags Rs 12.5 billion Redevelopment in Mulund

Mahindra Lifespace Developers (MLDL), the real estate and infrastructure development arm of the Mahindra Group, has been appointed as the preferred developer for the redevelopment of a premium housing society in Mulund (West), Mumbai. The project will be developed across a 3.08-acre land parcel, with an estimated development value of approximately Rs 12.5 billion. Strategically located, the site enjoys proximity to major connectivity points—just 1.4 km from the upcoming Mumbai Metro Line 5 and 0.8 km from the Goregaon-Mulund Link Road. It also offers seamless access to the Eastern Expre..

Next Story
Infrastructure Urban

Snowman Adds Warehouses in Kolkata and Krishnapatnam

Snowman Logistics, India’s leading integrated temperature-controlled logistics company, has announced the commencement of operations at its two new state-of-the-art, owned cold storage facilities in Kolkata and Krishnapatnam. With these additions, the company’s total pallet capacity has reached 1,50,754, spanning 43 warehouses in 20 cities across the country. The newly operational Kolkata facility offers a storage capacity of 5,630 pallets, while the Krishnapatnam facility holds 3,927 pallets. These warehouses are equipped with advanced automation and infrastructure designed to enhanc..

Next Story
Resources

Noesis Enables IHCL Hotel Deal in Udupi–Manipal Corridor

NOESIS Capital Advisors, India’s leading hotel investment advisory firm, has successfully facilitated a landmark hospitality transaction in the Udupi–Manipal region of Karnataka. The deal involves the acquisition of a nearly completed, 130-key upscale hotel that will operate under one of the premium brands of IHCL, reinforcing NOESIS’ position as a preferred partner for strategic hospitality transactions across India. Strategically located on the Udupi–Manipal Highway, the 1.03-acre property will cater to business travellers, pilgrims and families visiting Manipal University. With..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?