NBCC Shares Hit Record High After Rs 1,500-Crore Order Win For Warehouses
The shares of the NBCC India Ltd rose as much as 5.67% to Rs 84.75 apiece, the highest level since April 11, 2012.
Shares of NBCC (India) Ltd. surged nearly 6% to an all-time high on Thursday after it received an order worth Rs 1,500 crore from the National Cooperative Development Corp. to build warehouses.
NBCC will construct 1,469 warehouses and other agricultural infrastructure under the world's largest grain storage plan in the cooperative sector across India, according to an exchange filing on Wednesday.
NBCC's stock rose as much as 5.67% during the day to Rs 84.75 apiece on the NSE. It was trading 3.68% higher at Rs 83.15 apiece compared to a 1.22% advance in the benchmark Nifty 50 at 11.47 a.m.
The share price has risen 115,.46% on a year-to-date basis. The total traded volume so far in the day stood at 3.3 times its 30-day average. The relative strength index was at 72.88, implying that the stock maybe is overbought.
The average of 12-month analyst price targets implies a potential downside of 33.8%.
