NBCC rises 6% after receiving Letter of Award from government

Shares of NBCC rose as much as 6 per cent to Rs 52.90 apiece in intra-day on the National Stock Exchange (NSE) on Wednesday after the company received Letter of Award (LoA) from the government for construction of office building at New Delhi.

The stock has rallied 11 per cent from its 52-week low of Rs 47.65 touched on Tuesday in intra-day trade.

'NBCC has received a Letter of Award of work from Ministry of Skill Development and Entrepreneurship, Govt. of India for construction of office building i.e. Kaushal Bhawan at New Delhi. The estimated cost of the project is approximately Rs 1.72 bn,' as said in regulatory filing. 

NBCC (India) reported a rise of 15.97 per cent rise in its net profit for the second quarter of 2018-19. According to the company, its net profit increased to Rs 85.96 crore from Rs 74.12 crore in the corresponding quarter for the last fiscal year.

The state-owned firm's total income for the quarter under review rose by 42.71 per cent to Rs 1,646.48 crore from Rs 1,153.71 crore earned during the same period of last fiscal.

At 12.37 pm, shares of NBCC were trading 4.91 percent higher at Rs 52.35 on NSE as compared to 0.97 per cent rise in the Nifty50 index.