NBCC share price gains on receiving work order despite weakness in Indian stock market

Stock Market Today: NBCC share price gained during the intraday trade on Tuesday despite the weak trend in the Indian stock market, after the company announced receiving a ₹173 crore work order.

NBCC order details

NBCC India, on Tuesday, June 17, announced receiving a work order amounting to around ₹172.46 crore from UCO Bank. 

The said work order received by NBCC India is for the construction of a modern high-rise structure for UCO Bank Head Office with a Green Building Rating at New Town, Kolkata.

The nature of the contract is project consultancy services. The company undertakes PMC works for various government entities and bags the majority of the projects on a nomination basis.

NBCC—Other key developments

NBCC India last week announced receiving a major ₹519 crore work order. This work order was related to the new Navodaya Vidyalaya Samiti project. The project spans across four states, including Telangana and the three northeastern states of Assam, Manipur, and Arunachal Pradesh. The construction of Jawahar Navodaya Vidyalaya's permanent campuses will be undertaken by NBCC India in these states.

NBCC share price movement

NBCC share price opened at ₹123.10 on the BSE on Tuesday, slightly higher than the previous day's closing price of ₹122.10. NBCC India share price at the time of opening was almost 1% higher despite the weakness in the Indian stock market. 

NBCC India share price, however, remained volatile thereafter amid market weakness. The stock did get a boost from its announcement pertaining to order wins during the intraday trade. However, it gave up those gains amid market weakness led by geopolitical uncertainties and prevailing caution ahead of the US Federal Open Market Committee meeting outcome later this week.

Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies and not of Mint. We advise investors to check with certified experts before making any investment decisions.