NBCC wins ₹230 crore order from GoI, IIM Visakhapatnam. Shares rebound

NBCC (India), on Friday, January 24, announced it received an order worth ₹148 crore from the Government of India (GoI). It received a separate order worth ₹81.35 crore from the Indian Institute of Management, Visakhapatnam. Cumulatively, the company received work orders amounting ₹229.75 crore.

The ₹148.40 crore work order from the Ministry of Health & Family Welfare, Government of India (GoI), includes the construction of 72 dwelling units, four lecture halls for nursing college and paramedical sciences, 204-bedded UG boys hostel, 334-bedded UG girls hostel, and installation, testing and commissioning of interactive rooftop solar photovoltaic power generation system at AIIMS, Bilaspur.

The ₹81.35 crore order from IIM Visakhapatnam includes project management consultancy (PMC) services for the construction of a new hostel, dining building and allied infrastructure at the institute's permanent campus.

Last Monday, January 13, NBCC intimated the exchanges about the Memorandum of Understanding between the company and Sarkari Awas Nirman Avam Vitt Nigam Ltd.

As per the release on the exchanges, NBCC (India) Limited has entered into a Memorandum of Understanding (MoU) with Sarkari Awas Nirman Avam Vitt Nigam Ltd whereby the latter party has agreed to award the works related to the execution of mixed land use development of Poorvi Vihar, Lucknow approximately admeasuring 588 Acre to NBCC as Project management Consultant.

NBCC (India) whereby has agreed to undertake and complete all works according to the terms and conditions set forth in the MoU.

NBCC (India) share price rebounds

Following the announcement, NBCC's share price showed signs of recovery but remained in negative territory. After hitting an intraday low of ₹90.68, the stock climbed to ₹93.55 before encountering profit booking. By around 2:30 PM, it was trading 0.90 per cent lower at ₹91.30.

The stock has gained nearly 40 per cent over the last year. It hit a 52-week high of ₹139.90 on August 28 after hitting a 52-week low of ₹69.79 on January 25 last year.

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