NBCC (India) gains after winning UGC contract

NBCC (India) rose 1.52% to Rs 250.80 at 10:23 IST on BSE after the company said it secured contract worth approximately Rs 270 crore from University Grants Commission.

The announcement was made after market hours yesterday, 6 September 2016.

Meanwhile, the BSE Sensex was down 8.54 points, or 0.03%, to 28,969.48.

On BSE, so far 78,000 shares were traded in the counter, compared with average daily volume of 2.27 lakh shares in the past one quarter. The stock hit a high of Rs 254 and a low of Rs 249.85 so far during the day. The stock hit a 52-week high of Rs 267 on 13 July 2016. The stock hit a 52-week low of Rs 162 on 12 February 2016. The stock had underperformed the market over the past 30 days till 6 September 2016, rising 1.92% compared with 2.82% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 30.67% as against Sensex's 7.24% rise.

The large-cap company has equity capital of Rs 120 crore. Face value per share is Rs 2.

University Grants Commission (UGC), Government of India has executed memorandum of understanding (MoU) with NBCC (India) on 6 September 2016 for assigning work for construction of New UGC Building Complex at JNU Campus, New Delhi amounting to approximately Rs 270 crore.

On a consolidated basis, net profit of NBCC (India) rose 5.87% to Rs 141.48 crore on 38.8% rise in net sales to Rs 2251.14 crore in Q4 March 2016 over Q4 March 2015.

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 2016).

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