NCC gains on favourable rights issue terms

NCC rose 2.91% to Rs 70.70 at 13:14 IST on BSE after the company said it will allot 29.93 crore shares at Rs 20 per share on rights issue basis.

The announcement was made before market hours today, 1 September 2014.

Meanwhile, the S&P BSE Sensex was up 190.29 points or 0.71% at 26,828.40.

On BSE, so far 1.09 lakh shares were traded in the counter as against average daily volume of 2.74 lakh shares in the past two weeks.

The stock hit a high of Rs 72.55 and a low of Rs 69.90 so far during the day.

NCC said it will issue 29.93 crore equity shares of face value of Rs 2 each at Rs 20 per share aggregating to Rs 598.70 crore on rights basis in the ratio of 7:6 i.e seven shares issued on rights basis for every six shares held as on record date. The issue opening date and the record date for rights issue will be announced later, NCC said.

NCC reported a consolidated 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.

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.

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