The stock rose 6.42 per cent to hit a high of Rs 102 on BSE. This is in addition to a 7.8 per cent rise on Wednesday.
The investor and his family have been steadily increasing stake in the company.
On Monday, India Cements said that Gopikishan Damani, Radhakishan Damani, Shrikantadevi Damani and Derive Investments picked up 1.2 crore shares or 4 per cent stake through open market purchases between February 27 and March 16, raising stake to 16 per cent from 11.98 per cent.
On February 26, India Cements had said that the investor family has increased stake in the cement maker to 11.98 per cent from 7.27 per cent.
The stock has jumped 42 per cent year-to-date compared with a 30 per cent slide in the BSE Sensex during the same period.
At the end of the December quarter, Damani held 4.73 per cent stake in the cement manufacturer.