On 15 May, India Cements jumped 8% to Rs 109 after the company disclosed that the Damani family’s stake in the company had increased to nearly 20% in the March quarter. The stock is close to its 52-week high. Gopikishan Damani and Radhakishan Damani’s combined stake in India Cements stood to 19.89%. Radhakishan Damani is also famous as the promoter of Avenue Supermart. The Damani family is now the second largest shareholder in India Cements after the Srinivasan family which held 28.26%. Mutual funds and FIIs reduced their stake in India Cements during the quarter.