This LIC-Backed Midcap Stock Is Surging 12% Today After ₹180 Cr Order Win

Shares of NBCC surged close to 13% on Thursday to hit an intraday high of ₹63.50.

What Happened: The massive surge today comes as the company on Wednesday evening announced bagging a ₹180 crore order from SAIL. The project is for management Services for upcoming Infrastructural
related projects of Bokaro Steel Limited Plant, township, Mines & Collieries.

The stock is also gaining strength as the PSU announced entering into a quadripartite Memorandum of Understanding (MoU) with the Ministry of Steel (MoS), Government of India, Rashtriya Ispat Nigam Limited (RINL), and National Land Monetization Corp. Ltd. (NLMC) for the purpose of monetising the non-core assets of RINL in Vishakhapatnam.

See Also: Why Adani Group Stocks Jumped Back In Green Today

Under the terms of this MoU, NBCC will take on the role of technical cum transaction Advisor and provide assistance to the Ministry of Steel (MoS), RINL, and NLMC in the process of monetising the non-core assets that are available in Vishakhapatnam for RINL.

The announcements have surcharged the LIC-backed stock that is now trading just a shade below its 52-week high of ₹63.60, which it hit earlier this month.

Price Action: NBCC’s share price was up 11.19% to trade at ₹62.60 in the early hours of trading on Thursday.

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