NCC spurts after Rakesh Jhunjhunwala hikes stake

NCC soared 6.36% to Rs 51 after well-known investor Rakesh Jhunjhunwala, his wife Rekha Jhunjhunwala, and group companies increased shareholding in the construction firm to 13.7%.

From 4 November 2014 till 3 December 2020, persons acting in my concert have acquired total 1,25,51,168 equity shares of NCC. This amounts to acquisition of more than 2% of total paid-up equity of NCC," said Jhunjhunwala in his statement available on the exchange on Thursday (3 December). Of this, 10 lakh equity shares of NCC were acquired on 3 December 2020.

Now, "our total shareholding is 8,36,04,432 equity shares of NCC, which is 13.70% of total paid up equity of NCC of 60,98,46,588 equity shares," his statement added.

Jhunjhunwala along with persons acting in his concert (Rekha Jhunjhunwala, Rare Investments, Rajeshkumar Jhunjhunwala, Sushiladevi Gupta, Rare Equity and Rare Share & Stock) were holding 7,10,53,264 equity shares (representing 12.78% of total paid up equity) of NCC, till 3 November 2014.

On a consolidated basis, NCC's net profit declined 11.5% to Rs 69.70 crore on a 11.9% fall in net sales to Rs 1,708.32 crore in Q2 September 2020 over Q2 September 2019.

NCC is engaged in the construction activities in the infrastructure sector.

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