This Rekha Jhunjhunwala, Tata Fund-Backed Midcap Stock Surges 4% After Bagging ₹8,000 Cr Orders

Shares of NCC surged over 4% on Friday to hit a new 52-week high of ₹176.60.

What Happened: The company on Friday announced receiving four new orders aggregating ₹8,398 crores (excluding GST) in the month of August 2023.

The first two orders, one for ₹2,822 crore and one for ₹2,933 crore were received from the Maharashtra State Electricity Distribution, (MSEDCL) relating to the advanced metering infrastructure (AMl) project.

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The third Order for ₹2,324 crore was awarded by the North Bihar Power Distribution, for the advanced metering infrastructure project. The fourth and final order was from the Bangalore Electricity Supply Co Ltd., for the upgradation of the distribution automation system (DAS).

The company said that the orders totalling ₹5,755 crores will form part of the subsidiary companies’ order book while the balance ₹2,643 crores will remain in NCC’s standalone order book.

Rekha Rakesh Jhunjhunwala owns an 11.24% stake in the company, while Tata Business Cycle Fund owns a 1.01% stake in the company

Price Action: NCC’s share price was up 2.83% to trade at ₹174.40 in the early hours of trading on Friday.

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