NBCC Shares Jump Nearly 10% After Rs 15,000-Crore Order Win
The order entails development of a satellite township in Srinagar.
Shares of NBCC (India) Ltd. surged nearly 10% after it received a work order worth Rs 15,000 crore for development of a satellite township from the Srinagar Development Authority.
The satellite township will be spread over 406 acres at Rakh-e-Gund Akshah in Bemina, Srinagar, according to an exchange filing.
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Shares of the company rose as much as 9.66%, the highest level since July 31. They pared gains to trade 8.2% higher at Rs 182.88 apiece, as of 11:04 a.m., compared to a 1% advance in the NSE Nifty 50.
The stock has risen 125% year-to-date and 256.6% in the last 12 months. Total traded volume so far in the day stood at 1.08 times its 30-day average. The relative strength index was at 55.66.
All six analysts tracking the stock have a 'buy' rating, according to Bloomberg data. The average 12-month analysts' consensus price target implies a downside of 3.8%.
