NBCC‘s share price was racing at the bourses on Thursday morning going up over 4% to hit an intraday high of ₹183.65 — a strong rebound after the construction major closed over 2% lower on Wednesday.

What Happened: The jump today comes, as the public sector firm on Wednesday evening said that it had signed a memorandum of understanding (MoU) with Mahanagar Telephone Nigam Limited (MTNL) to jointly develop a significant land parcel in New Delhi.

According to an exchange filing made on Wednesday evening, the MoU involves the development of a 13.88-acre land parcel owned by MTNL, located on Pankha Road in New Delhi. The project is estimated to be worth around ₹1,600 crore.

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Earlier this month, NBCC (India) Ltd formed a strategic partnership with RITES to explore and execute a wide range of consultancy services, fee-based projects, and engineering, procurement and construction (EPC) contracts. The recent collaboration with MTNL further enhances NBCC's standing in the infrastructure development sector.

This week, NBCC also received positive feedback from analysts. Nuvama Institutional Equities maintained a “hold” rating on the stock, with a target price of ₹198, citing the company's strong order book and consistent order inflows as key factors behind its positive outlook.

Price Action: NBCC’s share price was up 3.18% to trade at ₹181.29 in early trade on Thursday.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.