NCC jumps after firm announces sale of subsidiary for Rs 200 crore

NCC surged 10.93% to close at Rs 64.95 after the EPC company announced sale of its subsidiary, NCC Vizag Urban Infrastructure (NCCVUL), to Bengaluru-based GRPL Housing for around Rs 200 crore.

The company along with other shareholders of subsidiary NCC Vizag Urban Infrastructure, entered into an agreement with GRPL Housing to sell and transfer their entire shareholding in NCCVUL to GRPL Housing. GRPL Housing is part of the Gardencity Realty Group.

The first tranche of Rs 47.5 crore will be paid on 31 March 2022, the second installment of Rs 52.25 crore will be paid on 30 September 2022, third tranche of Rs 52.25 crore will be paid on 31 December 2022 and the balance Rs 47.50 crore will be paid on 31 March 2023.

In a separate exchange filing on Friday, NCC announced that it has received one new order for Rs 323.65 crore in the month of March 2022. The order is received from a state government agency and pertains to buildings division.

NCC is engaged in the construction activities in the infrastructure sector. On a consolidated basis, the company reported a 7.3% rise in net profit to Rs 76.42 crore on a 41.8% jump in net sales to Rs 3,014.94 crore in Q3 FY22 over Q3 FY21.

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