NBCC Shares Surge Over 18% To Record High After Capex Push In Budget 2024
The government has set the outlay for the capital expenditure at Rs 11.11 lakh core for FY25.
Shares of NBCC India Ltd. jumped over 18% and touched life-time high on Friday.
Sentiments for the civil engineering enterprise likely have improved on the Indian government's push for infrastructure spending in the budget announcement for FY25.
The government has set the outlay for the capital expenditure at Rs 11.11 lakh core for FY25, Finance Minister Nirmala Sitharaman announced on Thursday in her budget speech.
Shares of NBCC jumped 18.46%, the highest level since its listing on April 12, 2021, before paring gains to trade 17.12% higher at 10:01 a.m. This compares to a 1.07% advance in the NSE Nifty 50.
The stock has risen 379.28% in 12 months. Total traded volume so far in the day stood at 8.8 times its 30-day average. The relative strength index was at 91.31, implying the stock was overbought.
Of the five analysts tracking the company, two maintain a 'buy' rating, and three suggest to 'sell', according to Bloomberg data. The average 12-month analysts' price target implies a downside of 50.7%.
