NBCC (India) gains on securing new orders in June

NBCC (India) rose 1.28% to Rs 27.70 after the company said it secured total business worth Rs 431.63 crore in June 2020.

The company bagged an EPC order worth Rs 284.63 crore from BHEL for construction of natural draught cooling towers for 5X800 MW Yadadri STPP. It also won a project worth Rs 147 crore for construction & development of students hostel and faculty apartments at IIT-BHU, Varanasi. The announcement was made on Wednesday (8 July).

On the technical front, the stock's RSI (relative strength index) stood at 75.983. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading in between its 50-day moving average (DMA) placed at Rs 20.99, with will act as a support in the near term and its 200-day moving average (DMA) placed at Rs 28.77, would act as a resistance in the upcoming trade.

The company's consolidated net profit fell 41.2% to Rs 83.78 crore on 16.8% decline in net sales to Rs 2,568.73 crore in Q4 March 2020 over Q4 March 2019.

NBCC (India) provides civil engineering construction services. The firm operates through three segments: Project Management Consultancy (PMC), Real Estate Development & Engineering, Procurement and Construction (EPC). As of 31 March 2020, the Government of India held 61.75% stake in NBCC (India).

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