NCC Ltd.'s share price jumped to a nearly two-month high after it secured two advance work orders worth Rs 10,805 crore from Bharat Sanchar Nigam Ltd.
The orders are for design, supply, construction, installation, upgradation, operation and maintenance for the middle-mile network of BharatNet in Uttarakhand and Madhya Pradesh.
The first order is worth Rs 2,647.1 crore for the Uttarakhand Telecom Circle, while the second order is worth Rs 8,157.4 crore in Madhya Pradesh DNH & DD Telecom Circles.
The orders will be executed in three years and maintenance will be for 10 years, it said.
Last week, NCC secured a contract worth Rs 2,129.6 crore from Andhra Pradesh Capital Region Development Authority for construction activities in the Amaravati Capital City Project.
NCC Share Price Up
Shares of NCC rose over 6% to Rs 217.4 apiece, the highest since Feb. 6. It was trading 4.8% higher by 9:30 a.m. The benchmark Nifty 50 was up 0.1%.
The stock has declined 12% in the last 12 months and 22% on a year-to-date basis. The total traded volume so far in the day stood at 14.3 times its 30-day average. The relative strength index was at 60.
Ten out of 15 analysts tracking NCC have a 'buy' rating on the stock, two recommend 'hold' and three suggest 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 26%.
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