Shares of NBCC (India) Ltd. surged to a four-year high after winning a development project from the Kerala State Housing Board.
The company has signed a memorandum of understanding to develop a 17.9-acre land parcel of the board in Kochi. The project value is Rs 2,000 crore.
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Shares of the construction company rose 4.02% to Rs 62.05 per share as of 9:34 a.m., compared with a 0.05% decline in the NSE Nifty 50. It rose as much as 6.62% to hit Rs 63.6 intraday, the highest since June 5, 2019.
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The stock has risen 59.6% on a year-to-date basis. Total traded volume so far in the day stood at 13 times its 30-day average. The relative strength index was at 85, implying that the stock may be overbought.
Of the four analysts tracking the company, two recommend a ‘hold' and two suggest a 'sell' on the stock, according to Bloomberg data. The average 12-month consensus price target implies an downside of 32.7%.
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