NBCC Share Price Surges On Rs 449 Crore Order Win
The construction company's stock rose as much as 1.96% to Rs 96.40 apiece on the NSE.
NBCC (India) Ltd. announced on Tuesday that it has secured new work orders worth Rs 448.74 crore, triggering a surge in the company’s stock price. The order win includes several high-value projects across various locations.
One of the orders involves planning, designing, and executing interior and fit-out works for GAIL (India) Ltd.’s office space on multiple floors at Tower G in the World Trade Centre, Nauroji Nagar, New Delhi. This project is valued at Rs 50 crore and involves creating office facilities for GAIL.
The civil construction company has also been awarded a contract from New India Assurance for demolishing, designing, constructing, and furnishing four buildings in Mumbai's Andheri West and Malad West areas. This project is valued at Rs 136 crore.
The largest contract within this order tranche involves constructing the Pratyaksha Kar Bhawan office building, along with a residential complex, at Kheora Bangar, Kanpur, Uttar Pradesh. This project, valued at Rs 262.74 crore, is intended for the Principal Chief Commissioner of Income Tax, Uttar Pradesh (West) and Uttarakhand, and will include Type-II, III, and IV residential quarters as well as an MSTU setup to support the tax department’s operations.
NBCC (India) stock rose as much as 1.96% during the day to Rs 96.40 apiece on the NSE. It was trading 1.50% higher at Rs 95.80 apiece, compared to an 0.01% advance in the benchmark Nifty 50 as of 11:14 a.m.
It has risen 114.87% in the last 12 months and 76.52% on a year-to-date basis. The relative strength index was at 40.41.
One out of the four analysts tracking NBCC has a 'buy' rating on the stock, one recommends a 'hold' and two suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 37.1%.
