NBCC gains after receiving LoA from Central Coalfield

NBCC (India) rose 1.46% to Rs 38.15 after the company said it received a letter of acceptance (LoA) from Central Coalfield to provide project management consultancy services in Jharkhand.

In an exchange filing on Tuesday, NBCC (India) said it will provide project management consultancy services for construction of smart township/colony roads, network and other road, services buildings and other allied jobs related to mines for Magadh and Amrapali area in Jharkhand. The estimated project cost is Rs 720.32 crore.

In the past one month, shares of NBCC (India) have gained 6.86% to its current market price of Rs 38.15, underperforming the Nifty Realty index's 10.34% rise in the same period.

On the technical front, the stock's RSI (relative strength index) stood at 56.183. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was currently trading above its 50-day moving average (DMA) placed at Rs 36.17. But below its 200 DMA placed at Rs 45.45. These levels will act as crucial support and resistance in near term.

NBCC (India) provides civil engineering construction services. The company operates through three segments: project management consultancy (PMC), real estate development, and engineering, procurement and construction (EPC).

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