NBCC Share Price Hits Two-Month High On Selling Residential Units Worth Rs 1,505 Crore
The shares of NBCC India Ltd. rose to over a two-month high on Friday after it sold residential units worth Rs 1,504.7 crore.
The company sold 1,185 residential units at Aspire Dream Valley, Phase III, through an e-auction, according to an exchange filing on Wednesday. It will also receive a marketing fee equivalent to 1% of the sale value.
On Tuesday, the public sector firm signed a strategic memorandum of understanding with RailTel Corp. to develop data-centre projects in India and overseas for five years.
Earlier this month the company bagged orders from Central University of Haryana and the Mumbai-based Western Regional Power Committee, cumulatively amounting to Rs 215.63 crore.
The company received a Rs 166.93-crore order for "planning, designing and developing infrastructure facilities and other works" from the Haryana university.
The public sector undertaking will also provide "project management consultancy for demolishing, designing, constructing and furnishing" the WRPC office and guest house in Mumbai for Rs 48.7 crore, the filing added.
NBCC's consolidated net profit grew 25% to Rs 138.5 crore in the third quarter of the current financial year, while revenue rose 17% to Rs 2,827 crore.
NBCC Share Price Rises
Shares of NBCC rose 3.67% higher at Rs 90.2 apiece on the NSE, the highest level since Feb. 11. However, the shares pared gains to trade 0.47% higher at Rs 87.42 compared to a 1.64% rise in the benchmark Nifty.
The stock has declined 3.03% in the last 12 months and 6.08% on a year-to-date basis. Total traded volume so far in the day stood at 8.7 times its 30-day average. The relative strength index was at 57.
Two out of the three analysts tracking the company have a 'buy' rating on the stock, and one suggests 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 36.8%.
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