Southern Indian cement maker India Cements is seeing sizeable selling by foreign-based funds. On Wednesday, CLSA sold 1.1 million shares at Rs 161. CLSA’s sale comes after ABN AMRO Bank sold 1.0 million shares on March 16 at Rs 164. On March 2 and 3, foreign funds GMO Trust and Grantham GMO sold 1.25 million shares each at Rs 153.32 and Rs 149.88 respectively.
Dealers said funds are booking profits on their investments in India Cements. From about Rs 61 in last April, the shares touched a high of Rs172.15 on March 10.