India Cements share price added 2 percent in the early trade on June 18. The company has clarified on the news report stating billionaire Radhakishan Damani is considering taking control of the company.
The cement market in a BSE release said that the report of Damani buying controlling stake is "factually incorrect".
On June 17 the share price rallied about 11 percent after a media report indicated that Radhakishan Damani, the owner of supermarkets chain D-Mart, is planning to take control of the company.
"Radhakishan Damani, the Indian tycoon who built a fortune rolling out his supermarkets across the country, is considering acquiring a controlling stake in India Cements," reported Bloomberg quoting people familiar with the matter.
At 09:30 hrs, India Cements was quoting at Rs 134, up Rs 1.90, or 1.44 percent on the BSE.
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