NCC climbs after mutual fund hikes stake

NCC rose 1.30% to Rs 54.55 after Aditya Birla Sun Life Trustee increased its stake in the company by 2.155% on Friday, 13 September 2019.

Aditya Birla Sun Life Trustee bought 1.29 crore shares, or 2.155% equity, of NCC on Friday, 13 September 2019. Accordingly, its stake in NCC has increased to 7.241% from 5.086% earlier. The announcement was made after market hours yesterday, 17 September 2019.

Shares of NCC tanked 10.39% in the past three trading sessions to settle at Rs 53.85 yesterday, 17 September 2019, from its close of Rs 60.10 on 12 September 2019.

On BSE, 4.24 lakh shares were traded in NCC counter, compared to a 2-week average of 18.74 lakh shares. The stock hit an intraday high of Rs 55.60 and an intraday low of Rs 53.90.

It hit a 52-week high of Rs 119.15 on 27 May 2019 and a 52-week low of Rs 48.45 on 23 August 2019.

NCC's consolidated net profit fell 29.3% to Rs 72.27 crore on a 6.6% decline in net sales to Rs 2,346.98 crore in Q1 June 2019 compared with Q1 June 2018.

NCC is involved in the construction of industrial and commercial buildings, roads, bridges and flyovers, water supply and environment projects, housing, power transmission lines, irrigation and hydrothermal power projects and real estate development.

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