Shares of Navratna PSU NBCC (India) fell 6.5 per cent on January 13 on BSE and closed at Rs 78.92. The company has received a work order worth Rs 3,500 crore for a project in Lucknow. Despite this, there was selling pressure in the shares. The company has told the stock exchanges that it has entered into an MoU with Government Housing Construction and Finance Corporation Limited.
Under this, the work related to the execution of Mixed Land Use Development (about 588 acres of land) of Purvi Vihar, Lucknow has been given to NBCC (India) as Project Management Consultant. Following the signing of the MoU, NBCC has been entrusted with the task of taking possession of the 50-acre site and planning, designing, development as the first phase of the project. Its cost is approximately Rs 3,500 crore.
What does NBCC (India) do?
NBCC (India) comes under the Ministry of Housing and Urban Affairs, Government of India and offers value added construction services. The market cap of the company has come down to Rs 21,300 crore. The government holds 61.75 percent stake in the company. The stock had traded ex-bonus on October 7, under which the company had distributed bonus shares to its shareholders in the ratio of 1:2.
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NBCC (India) shares strengthened by 29 percent in one year
According to BSE, NBCC (India) shares have seen a rise of 29 percent in one year. The stock has fallen 10 percent in a week. The upper price band for the share is Rs 94.70 and the lower price band is Rs 63.14. The circuit limit is 20 percent.
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