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Rekha Jhunjhunwala, wife of Rakesh Jhunjhunwala, a major investor in the stock markets, has increased her stake in Hyderabad-based construction major NCC Ltd during the second quarter ended September 2020.
According to the shareholding pattern filed by the company as a regulatory update with BSE, Rekha acquired an additional 42.25 lakh shares in the September quarter. While Rekha now holds 10.24 per cent, Rakesh has 1.90 per cent in the company.
Mutual funds, however, pared their holding in the company to 12.22 per cent down from 13.1 per cent in June quarter and foreign portfolio investors (FPIs) reduced their holdings to 9.80 per cent from 11.42 per cent in the previous quarter.
The filing shows that 27 shareholders of the promoter and promoter group hold about 19.68 per cent stake, and the public holding is 80.32 per cent as of September end.
During the September quarter, Rekha increased her stake from 9.5 per cent in June to 10.24 per cent in September 2020. According to the shareholding pattern, Rekha holds 6,24,58,266 shares as against 5,82,33,266 in the June quarter.
NCC posted a steep fall in profit and revenues during the first quarter ended June 30, 2020, due to the Covid-induced nationwide lockdown.
The first quarter profit was down at ₹16.93 crore as against ₹81.32 crore for the corresponding quarter last year on a standalone basis. The company’s turnover of ₹1,211.41 crore (including other income) was down 45 per cent as against ₹2,212.70 crore in the corresponding quarter last year.
The operating results of this quarter are not comparable with the corresponding quarter of the previous year, since the pandemic has impacted the operations significantly. The lockdown and also supply and manpower disruptions impacted the construction industry. The situation is expected to improve in the remaining quarters.
The company has a strong balancesheet and order book position. The execution pace has to get back to pre-Covid levels.
NCC shares closed at ₹33.10 (-0.15 per cent%) at BSE on Tuesday.
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