NBCC (India) rises after bagging contract

NBCC (India) rose 1.31% to Rs 34.80 after the company said it received an order from the Government of India for construction of Rajaswa Bhawan, National Tax Headquarters, New Delhi.

NBCC (India) will work as project management consultant. The estimated project cost is approximately Rs 621 crore. The announcement was made on Saturday, 7 December 2019.

Meanwhile, the S&P BSE Sensex was up 42 points or 0.10% to 40,486.82.

Shares of NBCC (India) fell 5.76% in the past two trading sessions to settle at Rs 34.35 on Friday, 6 December 2019, from its close of Rs 36.45 on 4 December 2019.

In the past one month, shares of NBCC (India) dropped 15.12% to its current market price of Rs 34.80, underperforming the Nifty Realty index's 0.01% fall in the same period.

On the technical front, the stock's RSI (relative strength index) stood at 42.587. 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 below its 50-day moving average (DMA) placed at Rs 36.21. It was also below its 200 DMA placed at Rs 48.59.

On consolidated basis, NBCC (India) reported a net loss of Rs 99.19 crore in Q2 September 2019 as against a net profit of Rs 69.11 crore in Q2 September 2018. Net sales fell 19.7% to Rs 1,656.32 crore in Q2 September 2019 over Q2 September 2018.

NBCC (India), formerly National Buildings Construction Corporation, 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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