Shares of Navratna PSU NBCC were trading higher after the construction company confirmed a set of government as well as private sector orders worth close to Rs 500 crore.
In an exchange filine dated June 5, NBCC said it had recieved 13 separate orders, amounting to Rs 491.45 crore. Among these orders, the largest one is from the Ministry of External Affairs - at Rs 130 crore - for the construction of residences at a government plot in New Delhi. NBCC has also been coontracted to build a multi-facility healthcare complex in Mumbai's Antopm Hill area for a sum of Rs 112 crore.
The shares snapped two-day fall to trade higher by 8 percent near Rs 140 levels, at around 11:30am on June 6.
On May 29, the state-owned construction firm reported fourth quarter results, wherein the net profit jumped 24.6 percent on-year to Rs 141.5 crore and revenue from operations jumped 43 percent YoY to Rs 4,025 crore during the quarter under review. )
Earlier in April, Reuters reported that NBCC plans to set up its own non-banking finance company (NBFC) later this year to lower its borrowing costs for key infrastructure projects, according to two sources directly involved in the matter.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
