NCC Bags Rs 2,269-Crore Contract For Mumbai Metro Line 6 Development
Construction is expected to take place over a period of 24 months.
NCC Ltd. received a letter of acceptance from the Mumbai Metropolitan Region Development Authority on Friday for a Rs 2,269-crore project related to the development of Metro Line 6.
NCC will undertake the design, manufacture, supply and installation of various infrastructural requirements for the line, such as platform screen doors, communication-based signalling and train control, as well as telecommunication systems, according to an exchange filing on Friday.
The firm will also undertake integration, testing and commissioning of rolling stock for the same. The rail line extends from Swami Samarth Nagar to Vikhroli.
Construction is expected to take place over a period of 24 months. The defect liability maintenance period is for two years, whereas the comprehensive maintenance period which takes place after the aforementioned maintenance period is for five years.
Shares of NCC closed 0.14% lower at Rs 143.20 apiece on the NSE, compared to a 0.81% fall in the benchmark Nifty. The stock has fallen 7.61% in the last 12 months and 4.91% on a year-to-date basis.
Out of seven analysts tracking the company, five have a 'buy' rating on the stock and two recommend 'hold', according to Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 25.2%.
