NBCC shares gain 4% in the bearish market - Here's why
NBCC Share Price: The surge in price came after NBCC won an order worth Rs 150 crore from the Khadi and Village Industries Commission (KVIC).
Shares of NBCC (India) Limited, formerly known as National Buildings Construction Corporation, gained as much as 4.25 per cent to Rs 61.20 apiece on the NSE on Wednesday, i.e., September 20. The stock of the state-owned civil construction firm settled at Rs 58.70 on Tuesday.
The surge in price came after NBCC won an order worth Rs 150 crore from the Khadi and Village Industries Commission (KVIC). According to an exchange filing, the order relates to "planning, designing, and execution of upcoming works such as construction of office building(s), residential campus, redevelopment, repair, and renovation of KVIC properties pan India etc."
At the time of writing this news, a total of 20.62 lakh shares of the firm had changed hands. According to the BSE website, this amounted to a turnover of Rs 12.43 crore. Last seen, the full-market capitalisation of the company stood at Rs 10,805.40 crore.
The scrip came closer to a 52-week high of Rs 63.65, which it hit on September 6, 2023.
While the cost of the project is Rs 150 crore, the time period by which the order needs to be executed is yet to be decided.
In the last one month, shares of NBCC have yielded a positive return of around 26 per cent. In the last one year, it has made investors richer by 76.43 per cent.
Earlier, NBCC (India) signed a quadripartite MoU with the Ministry of Steel (MoS) Govt. of India, Rashtriya Ispat Nigam Limited (RINL), and National Land Monetization Corp. Ltd. (NLMC) for monetisation of the non-core assets of RINL at Vishakhapatnam.
As per the MoU, NBCC would act as a technical-cum-transaction advisor and assist the Ministry of Steel (MoS), RINL, and NLMC in the monetisation of non-core assets of RINL available at Vishakhapatnam.