NBCC shares surge 4.3% after company bags new orders worth ₹369 crore
NBCC (India), the state-owned construction firm, jumped 4.3% in today's early morning deals, reaching ₹147.40 apiece after the company received orders worth ₹369.05 crore from multiple clients. The company informed investors through an exchange filing on Monday that it secured an order worth ₹331.9 crore from the Rani Lakshmi Bai Central Agricultural University in Uttar Pradesh's Jhansi district for the upcoming infrastructure development works, according to an exchange filing on Monday.
Also Read: ZEEL, Sony in last-ditch talks to revive $10 billion merger, $300 million write off on cricket rights remains issue The other is from the high court for Telangana for the construction of a single court complex and residential quarter in Adilabad district. This order is worth ₹12.2 crore.
Further, it secured an order for the renovation and furnishing project of the Institute of Chartered Accountants of India Bhawan in Noida, which is valued at ₹24.98 crore, as per the company's exchange filing. On January 15, the company said it had bagged a ₹262 crore project to redevelop Ministry of External Affairs housing in the national capital.
In a statement, NBCC said the "Bhoomi Poojan Ceremony" for the redevelopment of the Ministry of External Affairs Housing at KG Marg took place on February 14, 2024. Also Read: Are PSU stocks riding a bubble? mixed results cast doubt on the rally On the back of strong order wins from the government, the stock rewarded its shareholders with a return of 208% in just six months, and it gained 329% in the last one year.
Taking the stock's April 2020 low of ₹15.90 apiece into account, it has skyrocketed 809% to date. Established in 1960 as the construction arm of the Government of India, NBCC achieved
. Read more on livemint.com
