NBCC Share Price Rises On Rs 316 Crore Order From Odisha Government
The project is being undertaken for the ST & SC Development, Minorities & Backward Classes Welfare Department of the Government of Odisha.
Shares of NBCC- (India) Ltd. surged by over 2% after the company announced it has secured a work order valued at approximately Rs 316 crore. The order, received in the normal course of business, pertains to the upgradation of primary school hostels under a state sector scheme in Odisha. The project is being undertaken for the ST & SC Development, Minorities & Backward Classes Welfare Department of the Government of Odisha.
The work involves upgradation of hostel facilities at various locations across the state, aimed at improving infrastructure for students. With this new order, NBCC continues to expand its footprint in the public sector construction and infrastructure development space.
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.
The scrip rose as much as 2.43% to 96.85 apiece. It pared gains to trade 1.53% higher at Rs 96 apiece, as of 11:43 a.m. This compares to a 0.07% advance in the NSE Nifty 50 Index.
It has risen 111.76% in the last 12 months. Total traded volume so far in the day stood at 0.48 times its 30-day average. The relative strength index was at 48.
Out of 4 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 an downside/upside of 38.4%.
