NBCC gains on plans to foray into e-commerce biz

National Buildings Construction Corporation rose 1.86% to Rs 937 at 9:52 IST on BSE after the company said it is foraying into e-commerce business.

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

Meanwhile, the BSE Sensex was up 348.10 points, or 1.34%, to 26,312.07.

On BSE, so far 16,000 shares were traded in the counter, compared with an average volume of 1.59 lakh shares in the past one quarter.

The stock hit a high of Rs 942.95 and a low of Rs 932.55 so far during the day. The stock hit a 52-week high of Rs 1,214.50 on 6 August 2015. The stock hit a 52-week low of Rs 518 on 17 September 2014.

The stock had underperformed the market over the past one month till 16 September 2015, sliding 10.15% compared with 7.49% fall in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 19.55% as against Sensex's 2.71% decline.

The large-cap company has an equity capital of Rs 120 crore. Face value per share is Rs 10.

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.

On a consolidated basis, NBCC's net profit rose 31.50% to Rs 44.08 crore on 37.08% rise in net sales to Rs 1146.94 crore in Q1 June 2015 over Q1 June 2014.

NBCC is a blue-chip Government of India (GoI) Navratna Enterprise under the Ministry of Urban Development, in construction sector. The GoI held 90% stake in the firm (as per shareholding pattern as on 30 June 2015).

Powered by Capital Market - Live News