NBCC Subsidiary Bags Rs 1000 Crore Order From Maharashtra-Based University
The campus is to be developed in Gadchiroli, Maharashtra by Hindustan Steelworks Construction.
Description: Representational Image Of University
(Source: Envato)
Hindustan Steelworks Construction Ltd., a subsidiary of NBCC (India) Ltd., inked a contract worth Rs 1000 crore from Gondwana University for campus development, according to an exchange filing on NSE.
The campus is to be developed in Gadchiroli, Maharashtra.
NBCC also bagged a contract of Rs 50 crore on Wednesday 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.
The company also announced the allotment of 90 million fully paid-up bonus equity shares in order to enhance shareholder value.
The bonus shares are to be distributed at a ratio of 1:2, which means that for every two existing equity shares held as of the record date—Oct. 7, 2024—shareholders will receive one new bonus share with a face value of Rs 1.
This company reported that this move was made with the intention to increase their paid-up share capital from Rs 180 crores to Rs 270 crores.
NBCC India reported reserves and surplus of Rs 1,959 crore available for capitalisation as of Oct. 7, 2024. The bonus shares are expected to be credited within two months of the board's approval, with a target date of Oct. 31, 2024.
Share price of NBCC (India) Ltd. rose as much as 0.71% during the day to Rs 116.98 apiece on the NSE. The stock closed 1.84% lower at Rs 114 per share.
The stock has fallen 117.34% on a year-to-date basis and 186.57% over the past 12 months.
Out of the four analysts tracking the company, one has a 'buy' rating on the stock, one suggests a 'hold' and two recommend a 'sell', according to Bloomberg data. The average of 12-month analysts' consensus price targets implies a potential upside of 12.7%.
