India Cements share price hit upper circuit of 20% on Wednesday after brother of Avenue Supermarts founder Radhakishan Damani, Gopikishan Damani, bought 2.75 per cent stake in the cement maker. Damani's brother bought 85,22,428 shares at Rs 82.7 per share, bulk deal data on NSE showed. Radhakishan Damani himself held 1,46,24,021 shares or 4.73 per cent stake in the cement maker at the end of quarter December 31, 2019.
Share price of India Cements rose 19.95% to hit an intra day high of Rs 104.60 against previous close of Rs 87.20 on BSE. India Cements share price has gained 41% in last two sessions.
The small cap stock saw only buyers and no sellers on BSE. The stock has gained 22.05 % in last one year and gained 46.5% since the beginning of this year. According to analysts' recommendations tracked by Reuters, 3 of 10 brokerages rate the stock 'outperform', five "hold" and two "sell". Total 60.75 lakh shares of the firm changed hands amounting to turnover of Rs 61.07 crore on BSE.
The stock hit its 52 week high of Rs 116.90 on May 28, 2019 and its 52 week low of Rs 67.90 on August 18 last year. In Q3 of current fiscal, the firm reported widening of its consolidated net loss to Rs 8.79 crore compared to net loss of Rs 4.32 crore in the October-December period a year ago.
Revenue from operations was down 7.90 per cent to Rs 1,244.28 crore during the quarter under review, as against Rs 1,351.15 crore in the year-ago period. India Cements total expenses stood at Rs 1,265.13 crore as against Rs 1,363.99 crore, down 7.24 per cent.
By Aseem Thapliyal