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Last Updated : Sep 11, 2019 10:21 AM IST | Source: Moneycontrol.com

NCC climbs 3% as it continues to top Macquarie's midcap pick

Macquarie has retained outperform call on the stock, saying NCC remained its best midcap pick in the construction space.

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Shares of NCC gained 3 percent intraday on September 11 as global brokerage house Macquarie remained bullish on the stock despite slashing the price target.

The stock gained 11 percent in last one week. It was quoting at Rs 60, up Rs 1.55, or 2.65 percent on the BSE at 0945 hours IST.

Macquarie has retained outperform call on the stock, saying NCC remained its best midcap pick in the construction space.

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Non-Andhra Pradesh order book is sufficient to get Rs 11,000 crore of revenue and the company's balance sheet is in decent shape, the brokerage said.

However, it slashed price target on the stock to Rs 108 from Rs 122 per share after reducing FY20/21 earnings by 16/10 percent to factor in Andhra Pradesh slowdown.

Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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First Published on Sep 11, 2019 10:21 am
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