 "NBCC extends rally after tie-up with Air India")
National Buildings Construction Corporation (NBCC) is trading 4% higher to Rs 914, extending its Thursday’s about 6% rally on NSE, after the company said it has signed a general memorandum of understanding (MOU) with Air India for undertaking development of land parcels of Air India at various locations on joint venture basis.
The stock opened at Rs 885 and touched a record high of Rs 923 on NSE. A combined 1.3 million shares changed hands on the counter till 1145 hours on BSE and NSE.
According to Business Standard reports, Air India and NBCC have worked out three land development models and will share sale proceeds from development of the land or NBCC will construct on behalf of Air India and will get a fair return on construction cost.
The national carrier had made a three-year plan to monetise assets worth Rs 5,000 crore by March 2016 and funds raised would be used to retire debt, added report.
The stock opened at Rs 885 and touched a record high of Rs 923 on NSE. A combined 1.3 million shares changed hands on the counter till 1145 hours on BSE and NSE.
According to Business Standard reports, Air India and NBCC have worked out three land development models and will share sale proceeds from development of the land or NBCC will construct on behalf of Air India and will get a fair return on construction cost.
The national carrier had made a three-year plan to monetise assets worth Rs 5,000 crore by March 2016 and funds raised would be used to retire debt, added report.
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