NCC is among the top five gainers on the BSE since opening bell. It rose almost 7.5% to hit an intraday high at Rs.51.45, with a 1.5 times spike up in volumes. Its 20% UC for the day is at Rs.57.50.
The stock is reacting to the ‘Midas Touch’. Ace investor, Rakesh Jhunjhunwala hiked his stake in the company from 12.14% to 13.71%.
Jhujhunwala told the stock exchnges that from 4th Nov till 3rd Dec, he has acquired over 1.25 crore shares of NCC, which is more than 2% of total paid-up equity of the company.
His shareholding, along with his wife and group companies stands at 13.71%.