Shares of NCC rally 17% on stake sale buzz

Shares of NCC rallied over 17 percent intraday on Friday as a media report suggests that Singapore global utility services company Sembcorp is likely to buy a majority stake in NCC Power Projects for around Rs 500 crore.

However, NCC denied selling majority stake in NCC Power to Sembcorp.

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NCC Power Projects, promoted jointly by Hyderabad-based infrastructure firms NCC and Gayatri Projects, is building a 1,320-mw coal-fired plant in Nellore district in Andhra Pradesh with total investments of Rs 7,050 crore, says the report. NCC, which owns 55 percent in the venture, invested Rs 460 crore out of the planned Rs 969 crore. The plant is expected to be ready by March 2015.
 
Singapore's sovereign investor Temasek Holdings owns 49.5 percent in Sembcorp.

At 14:57 hrs NCC was quoting at Rs 21.85, up Rs 2.15, or 10.91 percent on the BSE.