NBCC gains on plans to foray into e-commerce business

National Buildings Construction Corporation (NBCC) has surged around 3% at Rs 942 on the NSE after the company said it is foraying into e-commerce business.

The announcement was made after market hours on Wednesday, 16 September 2015.

On NSE, so far 1,42,750 shares were traded in the counter, compared with an average volume of 1.59 lakh shares in the past one quarter. The stock opened at Rs 943 and touched a high of Rs 948.

National Buildings Construction Corporation (NBCC) said that it is intending to foray into new business venture of e-commerce. The services which NBCC will render comprises of sale of built-up properties of NBCC - real estate business, government departments, financial institutions and private developers.

The sale of properties belonging to private developers shall be subject to its due diligence in respect of title of land, approval of drawings from statutory bodies, quality and cost of building and its financing etc, NBCC said.

NBCC will, in this new venture also render their services as consultant / lender's engineer to different banks and financial institutions for project appraisal, monitoring of progress and assisting/advising them for sanctioning the loan and releasing the installments, the company said.


With Capital Markets input