📷 Image Credits: CNBCTV18
Radhakishan Damani and his associates have made a significant move in offloading shares of India Cements recently. The country’s leading cement maker UltraTech acquired the entire block, which is considered to be a bid to expand its presence in the southern market. Radhakishan Damani sold a 11.34 percent stake in India Cements via a bulk deal on June 27th. While UltraTech Cement bought a 22.77 percent stake in the cements company. This move comes as a surprise to many, especially with UltraTech acquiring such a substantial block from Damani and his associates. The cement industry in India has always been a critical sector of the economy, providing employment opportunities for over a million people. With a rich history dating back to 1946, India Cements Ltd has played a significant role in the development of the nation’s infrastructure. Over the years, the company has seen substantial growth and expansion, with a current total capacity of 15.5 million tonnes per year. Radhakishan Damani, a well-known investor and businessman, has been actively involved in the stock market, with recent reports suggesting an increase in stake in India Cements. The move has caught the attention of analysts and experts in the industry, with Centrum Broking providing insights on the financial implications of Damani’s interest in the company. Despite the recent surge in share prices and the increase in stake by notable investors, there are concerns regarding the company’s future growth and profitability. The market dynamics and the overall economic conditions will play a crucial role in determining the success of India Cements in the coming years. It will be interesting to see how the recent developments in share offloading and acquisition will impact the future trajectory of India Cements in the competitive cement market of India.
