NCC surged 11.14% to Rs 46.40 at 14:12 IST on BSE, with the stock extending Wednesday's rally triggered by the company's board of directors approving raising funds upto an amount of Rs 650 crore through rights issue of equity shares.
Meanwhile, the S&P BSE Sensex was up 49.30 points or 0.22% at 22,751.64.
On BSE, so far 14.10 lakh shares were traded in the counter as against average daily volume of 3.30 lakh shares in the past one quarter.
The stock hit a high of Rs 48.90 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 41.85 so far during the day. The stock had hit a 52-week low of Rs 16.55 on 4 September 2013.
The stock had outperformed the market over the past one month till 9 April 2014, advancing 21.54% compared with the Sensex's 3.57% rise. The scrip had also outperformed the market in past one quarter, surging 38.94% as against Sensex's 9.6% rise.
The small-cap company has equity capital of Rs 51.31 crore. Face value per share is Rs 2.
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Shares of NCC have rallied 21.78% in two trading sessions from Rs 38.10 on 7 April 2014, after the company during trading hours on Wednesday, 9 April 2014 said subject to the requisite statutory & regulatory approvals and other consents/approvals as may be necessary, the board of directors at its meeting held on Wednesday, 9 April 2014, approved raising of funds upto an amount of Rs 650 crore through rights issue of equity shares to the existing members of the company. The stock had rallied 9.58% to settle at Rs 41.75 on Wednesday, 9 April 2014.
The terms and conditions of the rights issue including the rights entitlement ratio, the issue price, issue size, record date, timing of the rights issue and other related matters shall be decided subsequently by the Board/a duly constituted Committee of the Board in consultation with the lead managers to the rights issue, NCC said.
NCC's consolidated net profit declined 61.6% to Rs 4.76 crore on 23.5% growth in net sales to Rs 1879.03 crore in Q3 December 2013 over Q3 December 2012.
NCC's range of business verticals comprising of buildings & housing, transportation, water & environment, irrigation, power, electricals, metals, oil & gas and international business reflect an expertise positioned to capture every infrastructure upturn.
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