NBCC shares gain 3% after winning Rs 350-crore project

NBCC India: NBCC India receives order worth Rs 350 crore. The company has received a work of project management consultant (PMC) for complete planning, design, execution/ construction of buildings and its services and other maintenance and upgradation works of existing buildings under conventional or EPC contract mode, for various buildings at Motilal Nehru National Institute of Technology (MNNIT), Allahabad. The project is worth Rs 350 crore. Further the company secured total business of Rs 194.17 crore in January 2023.

Shares of NBCC (India) surged 3 percent on February 27 following the announcement that the company has bagged a project worth Rs 350 crore.

At 9:27am, shares of the company were trading 0.9 percent higher at Rs 33.25 on the BSE.

NBCC has been awarded a work of Project Management Consultant for complete planning, design, execution/construction of buildings and its services and other maintenance and upgradation works of existing buildings etc. under conventional/EPC contract mode as per scope of work for various buildings at Motilal Nehru National Institute of Technology, Allahabad having value of Rs 350 crore, the company said in a regulatory filing.

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The company secured a total business of Rs 194.17 crore in January as against Rs 309.10 crore bagged in December.

The momentum of winning orders appeared slower because this was the first project win by the company in 2023. The impact was seen in the shre price movement too with negative stock performance in the past three months, year-to-date, and one year.

In the December quarter, net sales came in at Rs 1,586.68 crore in December 2022, up 5.17 percent from Rs 1,508.65 crore a year back. Net profit stood at Rs 48.52 crore in December 2022, down 30.03 percent from Rs 69.35 crore during the period.