The board of construction firm NBCC met on Wednesday to approve the firm’s second-quarter financial results. The company during its meeting also approved the appointment of a new CFO.

What Happened: The public sector firm has appointed the director of finance, Anjeev Kumar Jain, as the CFO. His appointment took effect from November 1.

Jain replaces Saleem Ahmad who was also the director of projects at the company. Ahmad was associated with the Delhi Metro Rail Corporation and the Mumbai Port Trust before he joined NBCC.

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Jain, on the other hand, has nearly three decades of comprehensive experience in finance and accounting across multiple sectors, including power, railways infrastructure, infrastructure consultancy, and renewable energy. Prior to his association with NBCC, he served as the executive director of finance at RITES.

NBCC’s Q2 net profit jumped 53.42% year-on-year to ₹122.11 crore whereas the construction company's topline increased by 19.44% YoY to ₹2,458.72 crore. So far in November, NBCC has won orders worth ₹1,249.2 crore from GAIL (India), the Bureau of Indian Standards, Power Grid, and Bank of Baroda.

Price Action: NBCC’s shares closed 4.24% lower at ₹89.50 on Wednesday.

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