Why this Rekha Jhunjhunwala portfolio stock is skyrocketing?
Rekha Jhunjhunwala portfolio: NCC shares have surges 8% in two days after receiving deals worth ₹2,088 crore in May 2023, with share prices hitting an intraday high of ₹123.80 apiece.
Rekha Jhunjhunwala portfolio: NCC shares have been on the radar of stock market bulls for last two straight sessions. In last two days, NCC share price has surged from around ₹114.50 apiece levels to ₹123.50 apiece levels, logging around 8 per cent rise in this time. After rising on Wednesday, this Rekha Jhunjhunwala portfolio stock extended its rally on Thursday session and hit intraday high of ₹123.80 apiece levels, logging around 3.5 per cent intraday rise on Thursday sess.
Rekha Jhunjhunwala stock witnessed heavy buying during Thursday deals after its latest exchange communication where the infra company claimed to have mustered deal worth ₹2,088 crore in the month of May 2023.
NCC informed Indian stock market bourses about the order citing, "NCC Limited has received new orders aggregating ₹2,088 Crores (Excluding GST) in the month of May'23. Out of which Building Division has signed the agreements for the orders amounting Rs. 1668 Crores and Water Division secured order for Rs. 420 Crores. These orders are received from State Government Agencies and does not include any internal Orders."
NCC share price target
On why NCC share price is rising, Chandan Taparia, Derivative & Technical Analyst at Motilal Oswal said, "NCC shares have been in uptrend for the last six month. Earlier, it surged on budget expectations that Government of India (GoI) will have on the infrastructure sector that got fulfilled in the Union Budget 2023. Later strong Q4 results helped market's conviction that growth and demand would continue to fuel India's economic growth where infra sector will have a major role to play."
On what NCC chart says, Chandan Taparia said, "NCC shares are looking strong on chart pattern. It has strong support at ₹115 apiece levels and on the upper side it may go up to ₹135 per share levels. Those investors who have this stock in their portfolio can hold the stock for ₹135 near term target maintaining stop loss at ₹115 whereas fresh investors can also buy at current levels maintaining stop loss at ₹115 apiece levels for short term target of ₹135."
Rekha Jhunjhunwala shareholding in NCC
According to NCC shareholding pattern of NCC for January to March 2023 quarter, Rekha Jhunjhunwala holds 7,05,80,932 NCC shares, which is 11.24 per cent of total paid up capital of the listed entity.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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