NBCC (India) Ltd. on Wednesday signed a memorandum of understanding with Housing and Urban Development Corp. for the development of a 10-acre institutional plot in Noida's Sector-62. The tentative cost of the project is Rs 600 crore.
HUDCO intends to create an institutional complex with world class amenities which is likely to have 8.71 lakh sq ft. of built-up area with a mix of office space, studio apartments, conference space and retail and common facilities, according to an exchange filing.
NBCC, which has been tapped as project management consultant, will undertake the execution of the Noida project with the scope of concept-to-commissioning.
NBCC on Wednesday also received a contract to upgrade primary school hostel in Odisha under state sector scheme at various locations. The project value is Rs 316 crore.
Founded in 1960, NBCC is a government-owned public sector enterprise and a prominent player in the construction and real estate sector in India. The company specialises in project management consultancy, engineering procurement and construction contracts, and real estate development.
NBCC has a significant portfolio of residential, commercial, and institutional projects, and it plays a crucial role in executing government projects in sectors such as education, healthcare, and housing.
Shares of NBCC closed 1.18% higher at Rs 95.7 apiece on the NSE, compared to a 0.34% advance in the benchmark Nifty 50.
Out of four analysts tracking the company, two maintain a 'buy' rating, zero recommend a 'hold,' and two suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 38.4%.
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