NBCC share price gains 5% on selling commercial spaces worth Rs 2,251 cr

NBCC stock gains: State-owned company NBCC rose as much as 4.97 per cent to hit an intraday high of Rs 205.65 per share on Thursday, August 29, 2024.

The uptick in NBCC share price came after the company announced, via two separate filings, that it has sold commercial spaces worth Rs 2,251 crore. 

In an exchange filing, NBCC said, “It is hereby informed that NBCC has conducted 27th auction for sale of commercial space in the World Trade Centre, Nauroji Nagar, New Delhi as PMC & Marketing Consultant on behalf of Ministry of Housing and Urban Affairs, Govt. of India. The project is in self sustainable mode. NBCC has sold 100 per cent of Office space at World Trade Centre Nauroji Nagar.”

Under this deal, the company has sold a total unsold commercial inventory of approximately 1.81 lakh sq. ft.  worth Rs 908.48 crore, of which 0.60 lakh sq. ft. area was sold for Rs 312.23 crore to private entities. 

In a separate filing, the company said, “It is hereby informed that NBCC has conducted the bulk sale e-auction for sale of Commercial Built-up Space at Down Town Sarojini Nagar, New Delhi as PMC & Marketing Consultant on behalf of Ministry of Housing and Urban Affairs, Govt. of India. The project is in self-sustainable mode. NBCC has sold 100 per cent of Commercial Built-up Space at Down Town Sarojini Nagar.”

According to the aforementioned deal, the company sold a total unsold commercial inventory of approximately 3,52,499 sq. ft. worth Rs 1,342.28 crore in bulk sale to a private entity.

NBCC is a construction company. It provides project management consultancy, real estate, engineering procurement, construction, civil engineering, and redevelopment. NBCC also provides water treatment plants, water supply networks including raw water mains, and solid waste management

The 52-week high of the stock is Rs 209.75 per share while its 52-week low is Rs 50.99 per share. The market capitalisation of NBCC is Rs 35,334 crore, according to Bombay Stock Exchange. The company falls under the BSE 500 category.

At 1:49 PM, shares of NBCC were trading 0.20 per cent higher at Rs 196.30 per share. By comparison, S&P BSE Sensex was trading 0.44 per cent higher at 82,145.84 levels.