NBCC shares jump as company bags its largest ever overseas contract

NEW DELHI: Shares of state-owned NBCC rose more than 3% on the National Stock Exchange on Monday after the company informed the exchanges that it has received a contract worth Rs 968 crore for a social housing construction project in the Maldives.

The contract, so far NBCC’s biggest in the overseas market, is for building of 2,000 social housing units at Hulhumale, Maldives, the company’s release said, adding that the contract will be implemented on an Engineering, Procurement and Construction basis.

At 11:47 hours (IST), the scrip traded Rs 1.2 or 2.59% higher at Rs 47.55 on NSE.


The contract is between Fahi Dhiriulhun Corporation, a state-owned Maldives-based company, NBCC and JMC projects for a total of 4000 social housing units and EXIM Bank has provided buyers' credit worth close to $230 million for the project.