Damani Stocks: When veteran investor Radhakishan Damani increased his stake in this stock, today its prices jumped up to 9 percent.
Damani Stocks: Veteran billionaire investor Radhakishan Damani has increased his stake in India Cements to 22.76 per cent. Due to his purchase, its prices jumped by about 8.9 percent today (December 22). The prices of India Cements reached a high of Rs 192.35 in intra-day on Wednesday. Damani is the promoter of Avenue Supermarts and is considered a value investor. Damani is also considered to be the guru of Rakesh Jhunjhunwala. He along with his family has been increasing stake in the cement maker for the past one year. The increase in stake in India Cements has been disclosed from the regulatory filing of the cement company.
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Radhakishan Damani bought shares in the open market
Radhakishan Damani, Gopikishan Damani, Srikantadevi Damani, Kirandevi Damani and others together have bought 62.98 lakh shares of India Cements from the open market, according to regulatory filings. According to the filing, Damani and his family bought these shares in November last month and the last purchase was made on December 20 this month. Damani currently holds 7.05 crore equity shares in India Cements, which is equivalent to 22.76 per cent stake in the company. He held a 21.14 per cent stake in India Cements at the end of September 2021. According to today’s intra-day high, Damani’s investment in India Cements stands at Rs 1357 crore.
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Analyst positive about cement sector
- According to analysts of JM Financial, since the financial year 2019, the country’s cement sector has been strengthening due to increasing demand. According to a recent report by JM Financial, cash generation in the cement sector was better in FY 2021, which increased profits. According to analysts, strong cash flows helped the sector to scale up the project.
- Earlier this week, domestic brokerage and research firm HDFC Securities in its annual outlook report showed a positive outlook on the cement sector. According to analysts, the debt of the cement sector was at a record level in FY19, which has come down and now the net debt-to-EBITDA is at a comfortable level of -2.4x -2.6x.
(Article: Kshitij Bhargava)
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