India Cements is pretty volatile today. It had hit the 10% UC at Rs.104.60 yesterday and today, it opened higher at Rs.109.40, going to an intraday high at Rs.111.90; after that level profit booking pushed down the stock price to Rs.98.50 and is now in the red at Rs.102 levels.
The stock reacted positively to the news that RK Damani and his brother, GK Damani increased their stake in the company for the second straight day.
RK Damani bought 27-odd lakh shares on the NSE at Rs.104.16/share and his brother purchased over 83 lakh shares on the NSE at Rs.98.42/share and almost 16 lakh shares on the BSE at Rs.98.59/share.
Together, they now hold 11.58% stake in the company, up from 7.48% stake they held yesterday.