NBCC Share Price Soars Amidst Market Rally 📈
Government-owned NBCC Limited witnessed a surge in its share price on Tuesday, closing 6% higher at ₹137 amidst a bullish trend in the stock market. From ₹38.10 in June 2023 to ₹176.50 in February 2024, the stock has been on a steady upward trajectory.
Domestic brokerage HDFC Securities has set a target price of ₹145 for NBCC Limited shares, with a short-term stop-loss at ₹128. On Wednesday (May 15, 2024), the stock was trading at ₹136, down by 1.02%.
In April, NBCC Limited announced securing projects worth ₹23,500 crore in the previous financial year. One of the significant orders received for the financial year 2023-24 includes redevelopment projects from the Amrapali group, providing an additional ₹10,000 crore for extra F.A.R. work.
Aside from the Kerala State Housing Board, NBCC Limited has also secured a ₹2,000 crore redevelopment project outside Delhi. The company offers value-added services in project management consultancy, real estate development, and engineering procurement and construction across three segments.
In April, amidst softening retail inflation and market stabilization, market sentiment was uplifted by Reliance Industries’ purchase, resulting in a 0.45% increase in the BSE Sensex and a 0.51% increase in Nifty 50.
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