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NBCC (India) gains after awarding contract to NCC

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NBCC (India) rose 2.99% to Rs 227.35 at 10:22 on after the company said it has awarded a contract for construction of multi storey commercial space in to NCC for a project consultancy fee.

The announcement was made after market hours yesterday, 11 October 2017.

Shares of NCC were up 2.32% at Rs 88.25.

Meanwhile, the S&P Sensex was up 103.21 points or 0.32% at 31,937.20.

On the BSE, 92,000 shares of NBCC (India) were traded on the counter so far as against the average daily volumes of 1.50 lakh shares in the past one quarter. The stock had hit a high of Rs 227.50 and a low of Rs 223.75 so far during the day. The stock had hit a record high of Rs 228.50 on 21 September 2017 and a 52-week low of Rs 133.07 on 9 November 2016.

The stock had outperformed the market over the past one month till 11 October 2017, advancing 6.16% compared with the Sensex's 0.15% fall. The stock had also outperformed the market over the past one quarter, gaining 5.67% as against the Sensex's 0.27% rise. The scrip had also outperformed the market over the past one year, advancing 26.48% as against the Sensex's 13.36% rise.

The large-cap company has equity capital of Rs 180 crore. Face value per share is Rs 2.

NBCC (India) has awarded the contract for construction of multi storey commercial space at GPRA Colony, Nauroji Nagar, New on design, engineering, procurement and construction (EPC) basis to NCC (NCC - State Construction Integrated Works (SCIW) of Administrative Department of Verkhovna Rada, Ukraine - JV) for around Rs 1949 crore with completion period of 2 years.

NBCC will get project management consultancy fee on the project cost at 8% and revenue booking from the project will start from October 2017.

On a consolidated basis, net profit of NBCC (India) rose 25.7% to Rs 59.16 crore on 0.8% rise in net sales to Rs 1548.90 crore in Q1 June 2017 over Q1 June 2016.

NBCC (India), a blue-chip Government of (GoI) Navratna enterprise under the Ministry of Urban Development, is present in three segments of operations including project management consultancy (PMC), real estate development and EPC contracting. The GoI held 75% stake in the firm (as per shareholding pattern as on 30 June 2017).

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, October 12 2017. 10:19 IST