Govt-Owned Mid Cap Stock Climbs On Securing ₹150 Cr Contract

Shares of NBCC (India) were gaining on Wednesday after the firm won a contract from the Khadi & Village Industries Commission.

What Happened: The construction form under the Ministry of Housing and Urban Affairs on Monday secured a contract from the Khadi & Village Industries Commission for project management consultancy, according to an exchange filing.

The contract, valued at ₹150 crore, includes a diverse range of tasks, including the construction of office buildings, and residential campuses, and the comprehensive redevelopment, repair and renovation of various Khadi & Village Industries Commission properties located across India.

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The period by which the work must be completed is yet to be decided, NBCC said in the filing.

In addition, NBCC had earlier this month signed a quadripartite memorandum of understanding with Rashtriya Ispat Nigam Limited to facilitate the monetisation of non-core assets situated in Vishakhapatnam.

Under this agreement, NBCC will serve as the technical cum transaction advisor, collaborating with Rashtriya Ispat Nigam, the Ministry of Steel and the National Mineral Development Corporation to oversee the monetisation of RINL’s non-core assets.

Price Action: NBCC’s share price was up 2.73% at ₹60.30 at the start of trade on Wednesday.

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