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Rakesh Jhunjhunwala buys 10 lakh shares of this firm, stock rises 7.5%

The small cap stock touched an intraday high of Rs 51.50, rising 7.51% against previous close of Rs 47.90 on NSE

twitter-logoBusinessToday.In | December 4, 2020 | Updated 10:44 IST
Rakesh Jhunjhunwala buys 10 lakh shares of this firm, stock rises 7.5%
Rakesh Jhunjhunwala along with persons acting in his concert (Rekha Jhunjhunwala, Rare Investments, Rajeshkumar Jhunjhunwala, Sushiladevi Gupta, Rare Equity and Rare Share & Stock Private Limited) held 7,10,53,264 equity shares (representing 12.78 percent of total paid up equity) of NCC, till November 3, 2014.

NCC share price rose over 7 percent on December 4 after ace investor Rakesh Jhunjhunwala, his wife Rekha Jhunjhunwala, and group companies raised shareholding in the construction firm to 13.7 percent. The stock touched an intraday high of Rs 51.50, rising 7.51% against previous close of Rs 47.90 on NSE.

The stock has gained 18.59% in the last 5 days. It opened with a gain of 2.5% at Rs 49.15.

NCC share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has lost 10.12% in one year and fallen 9.64% since the beginning of this year. Market cap of the firm rose to Rs 3,091 crore.

"From November 4, 2014 till December 3, 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 percent of total paid-up equity of NCC," said Jhunjhunwala in his statement available on NSE.

He said of which, 10 lakh equity shares of NCC have been acquired on December 3 this year.

Jhunjhunwala earned Rs 5.6 crore per day with this stock for 111 sessions

Now, "our total shareholding is 8,36,04,432 equity shares of NCC, which is 13.7091 percent of total paid up equity of NCC of 60,98,46,588 equity shares," Rakesh Jhunjhunwala said.

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

In Q2 of current fiscal, NCC reported a 21.14 per cent fall in net profit at Rs 64.6 crore against Rs 82.18 crore in the corresponding quarter of the previous year. Sales fell 11.86% to Rs 1708 crore in Q2 against Rs 1938 crore sales in the corresponding quarter of the previous year. EBITDA fell to Rs 232.42 crore in Q2 against Rs 258.13 crore in the corresponding quarter of the previous year.

 Rakesh Jhunjhunwala earned Rs 2.71 crore per day with this stock for 100 sessions

By Aseem Thapliyal

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