NBCC gains 5 per cent on bagging new order

NBCC has received a Letter of Award (LoA) of work from Indian Institute of Management (IIM) Sambalpur. The shares of the company rose 5.7 per cent intraday on the BSE.

The company will provide Project Management Consultancy (PMC) for the development of permanent campus (Phase-1 works). The estimated project cost is around Rs. 421 crore including the PMC fees. Total business secured in the month for the company in the month of August accounts to Rs. 400 crore.

The news of new order has brought cheers to the investors as the company was already under pressure as the Supreme Court had demanded response from the company on completing stalled Jaypee projects. On last Thursday, the company had informed the exchanges that it was willing to give a revised proposal to complete the stalled projects of debt-laden Jaypee Group to address the grievances of thousands of harassed homebuyers.

NBCC (India) is one of the few public sector companies engaged in the business of project management consultancy services for civil construction projects (PMC), civil infrastructure for power sector and real estate development.

The shares of NBCC on Monday opened at Rs. 36.00 against Friday’s close of Rs. 35.85. At 15:07 hours it was trading at Rs. 37.30, gaining 4.04 per cent from its previous close. The stock hit an intraday high of Rs. 37.35 and intraday low was Rs. 35.90. Its 52-week high was Rs. 37.55 and 52-week low was Rs. 28.55 per share on the BSE.