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The share price of India Cements surged more than 17 percent in the morning trade on February 26 after Gopikishan S Damani, the brother of ace investor Radhakishan Damani, bought 2.75 percent stake in the company a day earlier.
As per the bulk deals available on the National Stock Exchange, Gopikishan purchased 85,22,428 equity shares of the cement company at Rs 82.7 per share.
Billionaire Radhakishan Damani held a 4.73 percent stake in India Cements as of December 2019, which he increased from the 1.3 percent held in September.
The stock has risen more than 40 percent in the last six months and was quoting at Rs 102.20, up Rs 15, or 17.20 percent.
The stock price also witnessed a spurt in volume by more than 6.34 times and was trading with volumes of 3,533,546 shares, compared to its five-day average of 766,709 shares, an increase of 360.87 percent.
India Cements reported widening of consolidated net loss in Q3 to Rs 8.79 crore. The company posted a net loss of Rs 4.32 crore in the October-December period a year ago, India Cements said in a regulatory filing.
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