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NBCC (India) and Housing & Urban Development Corporation (HUDCO) shares advanced up to 5.8 per cent on BSE in Thursday's trade. The buying in the stock came after NBCC signed a Memorandum of Understanding (MoU) with HUDCO for the development of 10-acre institutional plot at Noida sector-62 as a project management consultant.
Around 9:35 AM, NBCC's share price gained 3.63 per cent at Rs 99.17 per share on BSE. Meanwhile, HUDCO shares rose 4.4 per cent at Rs 230.3 per share. In comparison, the BSE Sensex was down 0.03 per cent at 80,210.47.
The tentative cost of the project is Rs 600 crore, as per NBCC's filing.
HUDCO intends to create an institutional complex which is likely to have 8.71 Lakh sq ft. of built-up area with a mix of office space, studio apartments, conference space and retail & common facilities. While, NBCC will undertake the execution of the said project with the scope of Concept-to-Commissioning.
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NBCC India is a public sector undertaking established in 1960 under the Ministry of Housing and Urban Affairs, Government of India. It is a Navratna company that specialises in construction, infrastructure development, and project management consultancy.
NBCC is involved in a wide range of activities, including residential and commercial construction, project management consultancy (PMC), and the development of urban infrastructure. The company undertakes large-scale public sector projects and is known for its work in redeveloping government properties, affordable housing, and infrastructure projects like roads, bridges, and water supply systems.
HUDCO is a public sector enterprise established in 1970 by the Government of India under the Ministry of Housing and Urban Affairs. HUDCO's primary mandate is to provide financial assistance for the development of housing and urban infrastructure in India. The corporation offers long-term loans and technical guidance for projects related to affordable housing, urban development, infrastructure projects, and slum rehabilitation.
In the past one year, NBCC shares have gained 111 per cent and HUDCO has gained 170 per cent against Sensex's rise of 21 per cent.
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