Shares of construction company NCC Ltd. rose nearly 2 percent to hit a fresh 52-week high for the second day in a row on Tuesday.
Shares of the Hyderabad-headquartered company, in which Rekha Jhunjhunwala, wife of late ace investor Rakesh Jhunjhunwala, holds over 12 percent stake, touched a 52-week high of Rs 84.60.
The stock hit a 52-week high of Rs 84 on Monday with the trading volume rising by 1.36 times. It closed at Rs 83 on Monday.
NCC shares have rallied more than 11 percent in the past month on good financial results and new order wins. The stock gained over 28 percent in the last six months.
Market experts also believe that the stock is set to gain from the upcoming budget for 2023-24, which is likely to focus on infrastructure spending. This has fuelled the recent rally in the stock.
In the September quarter, NCC's net sales rose to Rs 33,73.43 crore from Rs 2,581.37 crore in the year-ago quarter. The company’s net profit stood at Rs 137.54 crore against Rs 122.05 crore a year ago.
NCC early this month informed the stock exchanges about new order wins of over Rs 1,056 crore related to water and environment division from state agencies.
NCC Group has two subsidiaries that focus on urban infrastructure projects like SEZs and townships and infra projects through government concessions.
