InvestorQ : Why did the shares of NCC rally so sharply during the week?
Rashi Mehra made post

Why did the shares of NCC rally so sharply during the week?

Archita Jajjoo answered.
12 months ago

NCC, formerly Nagarjuna Construction Company, saw a rise of 5% on 01-Jan after the company received orders worth Rs.8,980 crore during the month of December 2020. The stock had touched a level of Rs.61, which almost amounts to recouping its previous high level of Rs.61 that it had managed to last touch in the Jan-2020 period.

Hyderabad-based NCC reported to the Bombay Stock Exchange in its filing that it had secured 15 new orders worth Rs.8,980 crore in December. The company had also reported to the exchange that these orders had been predominantly received from central and state government agencies and do not include internal orders.

The company had been on the radar of investors after Rakesh Jhunjhunwala, his wife Rekha Jhunjhunwala and some of his group companies had increased their shareholding in the construction firm to 13.7%. Interestingly, in the last few months, RK Damani has also sharply increased his family’s stake in India Cements based out of Chennai.