NBCC Shares Locked In Upper Circuit After Q3 Profit Jumps 59%

Shares of NBCC (India) Ltd. were locked in 5% upper circuit on Wednesday after its third-quarter profit rose.

The company's net profit jumped 58.9% year-on-year to Rs 113.6 crore in the quarter ended Dec. 31, according to an exchange filing.

NBCC (India) Q3 FY24 Results (Consolidated, YoY)

• Revenue up 12.96% at Rs 2,412.6 crore.

• Ebitda up 23.22% at Rs 117.3 crore.

• Margin expands 40 basis point to 4.86%.

• Net profit up 58.9% at Rs 113.6 crore.

Shares of the company rose as much as 4.98% and was locked in its upper circuit limit as of 10:02 a.m. This compares to a 0.57% decline in the NSE Nifty 50.

The stock has risen 292.19% in the last 12 months. Total traded volume so far in the day stood at 0.07 times its 30-day average. The relative strength index was at 54.69, indicating that the stock may be oversold.

Of the five analysts tracking the company, two maintain a 'buy' rating and three suggest a 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 22.5%.