Billionaire investor RK Damani increases stake in India Cements to 22.76%; Stock skyrockets 9% so far today

Billionaire investor and founder of DMart, Radhakishan Damani has increased his shareholding in India Cements by 1.62%. On Wednesday, India Cements stock was in the fast lane.

As per the regulatory filing on Tuesday, Damani's stake increased to 22.76% in December compared to 21.14% as of September 2021 quarter.

Since last year, Damani's appetite for this cement giant has only increased. Damani who held about 19.89% stake in India Cements by end of the March 2020 quarter, increased his stake to 20.4% in July last year as well.

Further, in January this year, Damani raised his stake to 21.14% in the company and maintained the shareholding for the next 11 months till increasing it to 22.76% in the current month.

On Sensex, today, India Cements stock has skyrocketed by nearly 9% so far with an intraday high of Rs192.35 per piece. The stock was near the 10% upper circuit level of Rs194.25 per piece.

At around 10.59 am, India Cements was trading at Rs185.55 per piece up by 5.07% on Sensex.