NBCC (India) rose 1.13% to Rs 35.65 after lenders, homebuyers approved the company's bid to acquire Jaypee Infratech.
The Committee of Creditors (CoC) of Jaypee Infratech approved NBCC (India)'s bid to acquire the debt-laden company under insolvency process.Pitted against a consortium of Suraksha Realty and Lakshdeep Investments and Finance, NBCC (India) secured 97.36% of the votes that had 13 lenders and over 12,000 homebuyers participating in the exercise. The disclosure was made after trading hours yesterday, 17 December 2019.
Shares of Jaypee Infratech hit an upper circuit limit of 10% at Rs 1.78.
The S&P BSE Sensex was up 64 points or 0.16% to 41,416.64.
Shares of NBCC (India) advanced 2.44% in two trading sessions to its current market price of Rs 35.65 from its recent closing low of Rs 34.80 on Monday, 16 December 2019.
In the past one month, shares of NBCC (India) dropped 6.18% to its current market price of Rs 35.65, underperforming the Nifty Realty index's 3.68% rise in the same period.
On the technical front, the stock's RSI (relative strength index) stood at 48.510. 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 36.05. It was also below its 200 DMA placed at Rs 48.01.
On consolidated basis, NBCC (India) reported a net loss of Rs 99.19 crore in Q2 September 2019 as against 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).
As of 30 September 2019, the Government of India held 65.93% stake in the company.
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