NCC stock up 8% as Rakesh Jhunjhunwala ups stake

NEW DELHI: NCC Ltd advanced over 8 percent on Friday after ace stockbroker Rakesh Jhunjhunwala and related individuals and entities acquired 7.5 lakh shares, or a 0.29% stake, in the Hyderabad-based infrastructure firm.

At 10:20 a.m., the NCC stock was trading 7.2 percent higher at Rs 43. It has hit a low of Rs 41.55 and a high of Rs 43.35 so far.

The latest acquisition, in the open market, helped the Jhunjhunwala-led group to hike its stake to 7.98 percent, making it the third-largest holder among non-promoter entities, according to an ET report.

NCC's promoters own a 19.56 percent stake, while institutional investors together own a 51.5 percent stake and non-institutional investors a 28.91 percent stake.