NBCC shares surge 5% on inking MoU with MTNL for Rs 1,600-cr project
Source: Business Standard
NBCC in focus: Shares of construction engineering company NBCC rose up to 4.52 per cent to hit an intraday high of 183.70 per share on Thursday, September 12, 2024.
The uptick in NBCC share price came after the company announced that it has inked a memorandum of understanding (MoU) with MTNL for a project worth Rs 1,600 crore.
In an exchange filing, NBCC said, “It is hereby informed that a Memorandum of Understanding (MoU) has been signed between NBCC (India) Limited and Mahanagar Telephone Nigam Limited (MTNL) on September 11, 2024 to collaborate to develop a prominent Land Parcel of MTNL measuring approximately 13.88 acres located on Pankha Road, New Delhi.”
Under the terms of order, the companies have collaborated to develop a prominent Land Parcel of MTNL measuring approximately 13.88 acres located on Pankha Road in New Delhi. The project, meanwhile, is valued at Rs 1,600 crore, the company said.
This project further aims to transform the land into a state of the art residential/commercial space, leveraging the expertise and resources of both organisations, it added.
Financially, state-owned NBCC posted a 38 per cent increase in its consolidated net profit to Rs 107.2crore for the first quarter of this fiscal year 2025 (Q1FY25), as against a profit of Rs 77.4 crore in the year-ago period (Q1FY24). The company’s total income jumped to Rs 2,197.8 crore in the April-June quarter of this fiscal from Rs 1,974 crore in the corresponding period of the previous year.
NBCC is a construction company. It provides project management consultancy, real estate, engineering procurement, construction, civil engineering, and redevelopment. NBCC also provides water treatment plants, water supply networks including raw water mains, and solid waste management
The 52-week high of the stock is Rs 209.75 per share while its 52-week low is Rs 53.50 per share. The market capitalisation of NBCC is Rs 32,427 crore, according to Bombay Stock Exchange. The company falls under the BSE 500 category.
At 10:05 AM, shares of NBCC were trading 2.50 per cent higher at Rs 180.15 per share. By comparison, S&P BSE Sensex was trading 0.32 per cent higher at 81,784.47 levels.
First Published: Sep 12 2024 | 10:07 AM IST
