NBCC Gets Order From IIIT Nagpur For Rs 75 Crore

NBCC India Ltd. received an order worth Rs 75 crore from the Indian Institute of Information Technology (IIIT), Nagpur. The order involves project management consultant for construction and development of various infrastructure works at IIIT Nagpur to be undertaken under EPC mode, according to an exchange filing on Thursday.

Earlier this week, subsidiary HSCC (India) Ltd. received an order worth Rs 1,261 crore from the Ministry of Health and Family Welfare. The order involves establishment work of AIIMS in Darbhanga, Bihar.

The AIIMS at Darbhanga will be the second in the state, after the one in Patna. The central government approved the construction of AIIMS, Darbhanga, about three years ago.

Last month, the Bihar government handed over 150.13 acres of land at Ekmi Shobhan Bypass in Darbhanga district to the Ministry of Health for the construction of the hospital, as per reports.

NBCC is mainly into project management consultancy and real estate business.

Earlier, NBCC sold 100% of its office space worth Rs 13,408.7 crore at the World Trade Centre at Nauroji Nagar, New Delhi. The aggregate value of office and commercial space sold by NBCC through the e-auction was Rs 14,800 crore.

NBCC has also set Oct. 7 as the record date to determine the shareholders eligible for the bonus shares, announced last month. It will transfer the bonus shares to the accounts of eligible shareholders within two months from the date of the board's approval.

Shares of NBCC was trading 1.8% lower at Rs 169.2 apiece as of 3:12 p.m. after the announcement, compared to a 0.73% advance in the benchmark BSE Sensex.

Of the four analysts tracking the company, one maintains a 'buy' rating, one suggests a 'hold' and two recommend a 'sell', according to Bloomberg data. The average of 12-month Bloomberg consensus analysts' price target of Rs 197.67 implies a potential downside of 16.4%.