Shares of NBCC (India) shot up sharply on Monday after the company announced bagging two orders. But the stock moderated soon after the initial surge.
What Happened: The first contract — awarded by the Institute of Company Secretaries of India — pertains to the construction of a new building for the Hyderabad Chapter of the Institute of Company Secretaries of India. The order is worth around ₹9.97 crore.
The second and much bigger order is from the Jhansi Development Authority. The contract involves the development of two land parcels in Jhansi valued at ₹710 crore.
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This news comes on the heels of the PSU winning a major order worth ₹15,000 crore from the Srinagar Development Authority. The order involved the construction of a satellite township spread over 406 acres in Rakh-e-Gund Akshah, Bemina, Srinagar in Jammu and Kashmir.
Price Action: NBCC’s share price was up 0.91% to trade at ₹186.47 in early trade on Monday.
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