NBCC Arm Wins Rs 1,363 Crore Order From Employee State Insurance Corp
Hindustan Steelworks Construction Ltd., a subsidiary of NBCC, secured major contracts from the ESIC, including a 500-bed hospital in Manesar and an expansion project in Faridabad.
NBCC (India) Ltd.'s wholly owned subsidiary Hindustan Steelworks Construction Ltd. won two orders worth a total of Rs 1,322.48 crore from Employees State Insurance Corp., Government of India.
The order wins include the construction of a 500-bed ESIC hospital at Manesar (Gurugram), Haryana, the company said in an exchange filing on Tuesday. The hospital project is worth Rs 679.79 crore. The company also received the order for the construction of 500 additional beds, taking the bed strength to 1,150 beds at the ESIC medical college and hospital at Faridabad on a deposit mode basis. The contract is worth Rs 642.69 crore.
Separately, NBCC said it received an order worth Rs 41 crore from ST & SC development, Minorities & Backward Classes Welfare Department, government of Odisha. This order includes upgradation of Shansuli Ashram School in Jaipatna, Kalahandi, and construction of a hostel at Bijay Kumar Academy, Government High School, Soharia, Bograi, Balasore. It also includes upgradation of Government (SSD) High School, Dhamanpur, Kalahandi, worth Rs 22 crore.
Earlier this month, HSCC signed a contract worth Rs 1,000 crore with Gondwana University for campus development.
While NBCC bagged a contract of Rs 50 crore for the construction of an integrated sports complex by the government of Odisha. The work was commissioned by the 'Sports and Youth Service Department' and is to be built in Dhamnagar, Bhadrak, Odisha.
NBCC Shares Close Lower
Shares of NBCC closed 5.78% lower at Rs 96.65 per share after having fallen as much as 6.32% during the day to Rs 96.10 apiece on the NSE. This compares with a 0.28% decline in the benchmark Nifty 50.
The stock has risen 132.33% in the last 12 months and 77.12% year-to-date.
Out of four analysts tracking the company, one maintains a 'buy' rating, one recommends a 'hold,' and two suggest a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 36.3%.
