NBCC Share Price Soars After Approval to Develop Amrapali Projects
The public sector entity NBCC Limited announced on Wednesday that it has received approval from the Greater Noida Authority to develop five Amrapali projects worth Rs 10,000 crore. The company stated in a stock exchange filing, “NBCC Limited has received substantial approval from the Greater Noida Authority to enhance the existing projects of Amrapali worth Rs 10,000 crore.” In the BSE share market on Wednesday, the company’s share closed at Rs 139.30, falling more than two percent. On Friday (February 23, 2024), the share was trading at Rs 144 with a 1.68% decline.
1. Centurion Park, GH-05, Sector Tech Zone-IV, Greater Noida
2. Golf Homes, GH-02, Sector-4, Greater Noida
3. Leisure Park, GH-01, Tech Zone-IV, Greater Noida
4. Leisure Valley, GH-02, Tech Zone-IV, Greater Noida
5. Dream Valley, GH-09, Tech Zone-IV, Greater Noida
In December 2023, NBCC had announced the sale of 5,000 units in several residential projects of the Amrapali Group for Rs 2,900 crore. As per the directives of the Supreme Court, the stalled projects of Amrapali are being completed through NBCC Limited. For this purpose, a separate body named ‘Amrapali Blocked Project Investment Reconstruction Establishment’ was created.
The NBCC share price in the public sector rose by 2.1% to Rs 145.60 during trading on Wednesday. However, due to profit-taking, the share closed at Rs 139.30, down more than 2%. The company had recently secured a contract worth Rs 560 crore for the construction of the National Institute of Technology campus in Sikkim.
Let’s keep an eye on NBCC as it continues to make significant strides in the real estate sector! 📈💼🏗️👷♂️
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