John Cockerill India shares up nearly 10% in two sessions after Ramesh Damani buys stake

Shares of John Cockerill India Ltd. gained as much as 4% on Monday, December 29, extending their gains for the second day in a row, after last Friday's 6.5% surge.

The surge comes after veteran investor Ramesh Damani bought stake in the company via block deals last week.

As per data available on the BSE, Damani bought 27,500 shares at just over ₹4,700 apiece, in a transaction that is valued at nearly ₹13 crore. The stake was sold by the company's promoter John Cockerill SA.

An industrial component manufacturer, John Cockerill India is involved in the design, manufacturing and commissioning of cold rolling mill complexes, processing lines, and energy transition technology.

Based on the September shareholding pattern, promoters of the company had a 75% stake before the recent sale.

Ramesh Damani did not have any prior stake in the company, or his holdings may be less than 1%, as his name does not appear in the list of public shareholders.

Small retail investors, or those with an authorized share capital of up to ₹2 lakh, have a 15.9% stake, while the shareholding of Mutual Funds and FPIs is negligible.

Shares of John Cockerill India are trading 3.6% higher on Monday at ₹5,236. The stock is up 22% so far this year, but is down 25% from its 52-week high of over ₹6,600.