NBCC up 3% on ₹2,966 crore order win, selling 609 flats in Greater Noida

NBCC is awarded a ₹2,966.1 crore work order by Nagpur Metropolitan Region Development Authority (NMRDA)

NBCC shares rose 2.9 per cent on BSE, logging an intra-day high at ₹116.35 per share. At 9:16 AM, NBCC’s share price was up 2.96 per cent at ₹116.35 per share. In comparison, the BSE Sensex was up 0.33 per cent at 85,470.92.

 

The market capitalisation of the company stood at ₹31,414.5 crore. The 52-week high was at ₹130.6 per share, and the 52-week low was at ₹70.82.    CATCH STOCK MARKET LIVE UPDATES TODAY

Why were NBCC shares in demand?

The buying at the counter came after two new developments.

 

First, the company was awarded a ₹2,966.1 crore work order by Nagpur Metropolitan Region Development Authority (NMRDA).

 

 

Under the contract, the company will be the project management consultancy for the development of Naveen Nagpur for NMRDA –Phase-1. 

 

In another development, NBCC also sold 609 residential units at Aspire Leisure Valley and Aspire Centurian Park at Noida (W), through an e-auction at a total sale value of approximately ₹1,069.43 crore. According to the filing, NBCC will get a marketing fee at 1 per cent of the sale value.

 

As per the direction of the Supreme Court, Amrapali Stalled Projects Investments Reconstruction Establishment (ASPIRE) was formed to complete the stuck projects of Amrapali through the NBCC.

 

The state-owned firm was asked to complete 38,000 flats and hand them over to homebuyers. The investment to complete these flats was projected at around ₹8,300 crore.

 

Meanwhile, Delhi-based AU Real Estate said that it has acquired the selling rights for Aspire Leisure Valley (Phase 2) and Aspire Centurian Park from NBCC.

 

"The combined transaction value stands at ₹1,069 crore, covering a total of 609 residential units," the realty firm said in a statement.

 

The company has bought 462 units in the 'Aspire Leisure Valley' project for ₹696.20 crore and 147 units in the 'Aspire Centurian Park' project for ₹373.23 crore.

 

AU Real Estate Director Ashish Agarwal said the company has launched the 'Aspire Leisure Valley' project at an introductory price of ₹7,979 per sq ft.

 

NBCC (India) is a public sector undertaking (PSU) under the Ministry of Housing and Urban Affairs, Government of India. Established in 1960, NBCC is primarily engaged in the business of project management, construction, and infrastructure development. It is involved in a wide range of sectors, including residential, commercial, institutional, and industrial infrastructure.