NCC gains after Rakesh Jhunjhunwala hikes stake

NCC rose 1.86% to Rs 57.50 at 10:20 IST on BSE after institutional investor, Rakesh Jhunjhunwala, hiked his stake in the company.

The announcement was made after market hours on Tuesday, 11 November 2014.

Meanwhile, the BSE Sensex was up 179.15 points, or 0.64%, to 28,089.21.

On BSE, so far 4.36 lakh shares were traded in the counter, compared with an average volume of 6.85 lakh shares in the past one quarter.

The stock hit a high of Rs 58.30 and a low of Rs 56.80 so far during the day. The stock hit a 52-week high of Rs 62.50 on 3 November 2014. The stock hit a 52-week low of Rs 13.87 on 4 February 2014.

The stock had outperformed the market over the past one month till 11 November 2014, rising 28.44% compared with 6.13% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 31.86% as against Sensex's 9.37% rise.

The mid-cap construction and infrastructure company has an equity capital of Rs 111.19 crore. Face value per share is Rs 2.

Rakesh Jhunjhunwala, along with Rekha Jhunjhunwala, Hillcroft Investments and Rare Share & Stocks, has acquired an additional stake in NCC.

According to a filing made to the stock exchanges, Rakesh Jhunjhunwala and persons acting in concert, have acquired 6.50 lakh additional shares through the open market and 4 crore shares by way of rights issue, which the company had concluded in October 2014 while raising up to Rs 600 crore.

According to the filing, the shareholding of Rakesh Jhunjhunwala was 11.84% before the announcement made on Tuesday, 11 November 2014. It has now gone up to 12.78%.

As of 30 September 2014, the promoters held 20.41% stake while foreign institutional investors held 29.18% stake in NCC.

Meanwhile, in another disclosure made to the stock exchanges, Citigroup Global Markets Mauritius has intimated that it now has a 5.41% stake in NCC.

On a consolidated basis, NCC reported a net loss of Rs 20.52 crore in Q1 June 2014 as against net profit of Rs 5.81 crore in Q1 June 2013. Net sales rose 11.8% to Rs 1808.89 crore in Q1 June 2014 over Q1 June 2013. The company will announce Q2 results on 13 November 2014.

NCC's range of business verticals comprising of buildings & housing, transportation, water & environment, irrigation, power, electricals, metals, oil & gas and international business reflect an expertise positioned to capture every infrastructure upturn.

Powered by Capital Market - Live News