NBCC Shares Surge On Heavy Volumes

NBCC Share Price: Shares of National Buildings Construction Corporation (NBCC) rose as much as 6.32 per cent to hit an intraday high of Rs 27.75 on the BSE. On the National Stock Exchange, NBCC shares surged 5.31 per cent to hit an intraday high of Rs 27.75 on the back of heavy trading volumes. As many as 32.30 lakh shares changed hands on the BSE compared with an average of 6.13 lakh shares traded daily in the past two weeks.

NBCC last week informed stock exchanges that all the pending appeals before National Companies Law Appellate Tribunal (NCLAT) with reference to Jaypee Infratech Limited resolution plan are to be transferred before the Supreme Court to avoid delay in the execution of the plan.

Last year, the Supreme Court directed National Buildings Construction Corporation (NBCC) Ltd. to commence and complete the work of eight projects involving 11, 258 home units in Noida and Greater Noida, and start handing over possession to the buyers.

The apex court bench headed by Justice Arun Mishra, and comprising Justice Uday Lalit, asked NBCC to complete the unfinished projects in Noida and Greater Noida - Zodiac, Sapphire 1 and 2, Silicon City 1 and 2, Princely Estate, Centurion Park Low Rise and the O2 Valley.

NBCC shares hit a 52-week low of Rs 14 in March this year and have nearly doubled from 52-week low.

As of 1:41 pm, NBCC shares traded 3.45 per cent higher at Rs 26.95, outperforming the Nifty which was trading on a flat note.