India Cements is in the green, opening over 4.5% today at Rs.184.90, going up 9% to hit an intraday high at Rs.192.35, very close to its 10% UC of the day at Rs.194.25.

The stock is up after Radhakrishan Damani increased his stake in the company to 22.76%, going up marginally from 19.89% at end of FY20 and 21.14% at end of Jan.

It is widely rumoured that Damani is looking at taking over the company, which has been refuted by the management.

The company ended Q2FY22, with a 13% (YoY) rise in net revenue at Rs.1235 crore while net profit fell 57% to Rs.30 crore.