NCC rises 8% on stake hike by Rakesh Jhunjhunwala

Mrs Rekha Jhunjhunwala, Mr Rakesh Jhunjhunwala, Rare Investments and others acquired about 750,000 shares on June 28.

NCC Limited has soared 7.5% to Rs 43 after the company said that Rakesh Jhunjhunwala and his family have increased their stake in the company to 7.99%.

In a disclosure made to the stock exchanges, Mrs Rekha Jhunjhunwala, Mr Rakesh Jhunjhunwala, Rare Investments and others informed that they collectively acquired about 750,000 shares equivalent to 0.3% stake in the company through open market purchase on Thursday, June 28.

The Jhunjhunwalas and persons acting in concert earlier held about 19.7 million shares or 7.69% stake in the Hyderabad-based infrastructure company.

The stock opened at Rs 41.70 and is currently trading at the day’s high on the Bombay Stock Exchange. A combined 1.95 million shares have changed hands on the counter in opening deals on both the exchanges.