NBCC scales 52-week high, surges 10% in 2 days on awarding Rs 860 cr order

The company has awarded a work order for the construction of residential towers and civic amenities in New Delhi on TOD norms, EPC mode to NCC at their quoted price of Rs 859.84 crore

Shares of NBCC (India) rallied 6 per cent to hit a 52-week high of Rs 59.80 on the BSE in intra-day trade on Tuesday, gaining 10 per cent in the past two days, after the company awarded a work order for the construction of residential towers and civic amenities in New Delhi on transit oriented development (TOD) norms, engineering procurement and construction (EPC) mode to NCC at their quoted price of Rs 859.84 crore.

The state-owned NBCC (India) provides civil engineering construction services. The firm operates through three segment viz., PMC, real estate development and engineering, procurement and construction (EPC). As of 31 March 2021, the government held 61.75 per cent stake in the company.

In past two weeks, the stock of NBCC has rallied 20 per cent, as compared to a 1.2 per cent rise in the S&P BSE Sensex.

Furthermore, according to a PTI report, NBCC will submit the detailed project report (DPR) to Rashtriya Ispat Nigam Limited (RINL) by month-end for the steel maker's 22.19 acre land in Visakhapatnam city, a popular tourist destination in Andhra Pradesh.

In March 2021, construction firm NBCC had informed about signing an MoU with RINL for redevelopment and monetisation of its 22.19 acre land in the port city. Post signing of the MoU, RINL asked NBCC to conduct a DPR to ascertain the value of the land. CLICK HERE TO READ FULL REPORT