NCC gains as Rakesh Jhunjhunwala hikes stake

Stock up 2% at Rs 57.55 on NSE

NCC gained 2% at Rs 57.55 on National Stock Exchange after institutional investor, Rakesh Jhunjhunwala, hiked his stake in the company.

According to a filing to the stock exchanges, Rakesh Jhunjhunwala and persons acting in concert, acquired 6.5 lakh shares through the open market and another four crore shares by way of rights issue, which the company had recently concluded, raising up to  Rs 600 crore.

The stock opened around the day lows of Rs 56.75 and thereafter surged to a high of Rs 58.30. The stock is inching closer to its 52-week high of Rs 62.55, a level hit on November 3, 2014.
 

Over 1.8 million shares changed hands on NSE alone till 1105 hrs.