Big bull Rakesh Jhunjhunwala trimmed stake in the infrastructure development firm NCC Ltd in the first quarter of this fiscal. Jhunjhunwala sold 0.38 per cent of his stake in NCC in the last quarter. His shareholding at the end of Q1 stood at 12.48 per cent. While Jhunjhunwala held 6.67 crore shares or 10.94 per cent stake, his wife Rekha owned 1.85 per cent stake or 1.16 crore shares in the firm at the end of June quarter.
The big bull invested in the stock for the first time in 2015. However, NCC shares have been falling recently.
NCC stock has declined 39 per cent in a year and lost 17.64 per cent in 2022.
At 2:13 pm, NCC stock rose 0.26 per cent to Rs 58 on BSE. On NSE, the stock was trading 0.17 per cent higher at Rs 58.05.
Also read: This multibagger Rakesh Jhunjhunwala stock is on a roll; here’s why
NCC shares are trading higher than the 5-day and 20-day moving averages but lower than 50-day, 100-day and 200-day moving averages.
Total 0.38 lakh shares of the firm changed hands amounting to a turnover of Rs 22.12 lakh on BSE. The market cap of the firm stood at Rs 3,534 crore on BSE.
Also read: This Rakesh Jhunjhunwala-backed stock rises over 2% on nod to interim dividend
Shares of NCC hit a 52-week high of Rs 97.90 on July 13, 2021 and a 52-week low of Rs 51 on June 21, 2022.
For the quarter ended March 2022, NCC Limited logged a net profit of Rs 243.15 crore against Rs 115.27 crore in the corresponding quarter of last year.
Total income also rose to Rs 3,179 crore (including other income) in Q4 as against Rs 2,639 crore in the comparable quarter last year.
Also read: This stock owned by Rakesh Jhunjhunwala rises 15% as Nomura sees 115% upside
The firm also announced a dividend of Rs 2 per share in the March quarter.
NCC Limited is engaged in construction/project activities in the infrastructure sector. The company is primarily in the construction of industrial and commercial buildings, housing projects, roads, bridges and flyovers, water supply and environment projects, mining, power transmission lines, irrigation, and hydrothermal power projects, real estate development.
Also read: Rakesh Jhunjhunwala Portfolio: ICICI Securities bets on this stock; here’s why
