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The stock of Nagarjuna Construction Company has been gaining sharply on the bourses of late. It gained 8 per cent over a week and 26 per cent over a month’s period. On Wednesday also, the stock gained about 2 per cent to end at Rs 206.45. Market grapevine has it that Nagarjuna Construction is looking for strategic investors, including foreign institutions. The company, however, denied it as rumours. Declining to comment in this regard, company officials said: “ We can’t react to speculations.” They said the board has neither considered nor approved any such plan. Interestingly, the company informed the BSE late last month quoting a RBI notification that the FIIs could now acquire equity shares up to a limit of 74 per cent of the paid-up capital of the company through primary markets and stock exchanges. The buzz in the market was that Blackstone might acquire significant stake in the Hyderabad-based infrastructure company, The AGM of the company is scheduled to be held on July 30. The stock witnessed a 52-week high of Rs 322 and a low of 139.

K.V. Kurmanath

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