India Cements shares jump 15%, experts say HNI buying behind upsurge

India is the second largest cement producer in the world

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India Cements share price rallied 15.4 percent intraday on February 25, with experts attributing the upsurge to a high networth individual (HNI) buying the stock.

"I think Radhakishan Damani is seen raising his stake in the company, which could be only reason for rally in the share price," SP Tulsian of sptulsian.com told CNBC-TV18.

"The enterprise value per tonne is quite low, but summer season will remain for three-four months, hence there is a good tailwind in terms of pricing and volume for cement companies. I am extremely positive on the space, but in case of India Cement, HNI buying could be the only reason," he said.

Damani, who is known for his stock investment skills, increased his shareholding in India Cements to 4.73 percent at the end of December quarter, as per shareholding pattern available on exchanges.

In September quarter 2019, Damani held 1.3 percent stake in the company.

The stock, which lost 17 percent in the last nine months, was quoting at Rs 85.10, up Rs 10.90, or 14.69 percent, amid high volumes on the BSE at 1449 hours.