NBCC rallies on signing MoU to develop four Waqf properties

NEW DELHI: National Buildings Construction Corporation (NBCC) rose as much as 5.3 per cent in intraday trade on Tuesday, after the company said it has undertaken the task of developing four Waqf Board properties as institutional and commercial projects, with an estimated cost of Rs 398 crore.

The stock closed the day at Rs 814.75; up 3.37%, on the BSE.

Gulistan Shadi Mahal, Masjid-e-Mavalli, Dargah Hazrat Attaullah Shah in Bangalore and Takiya Chand Shah in Jodhpur will be developed as per the MoU signed between NBCC and National Waqf Development Corporation (NAWADCO) on September 8 last year for the development of various properties of Waqf Board, said a NBCC official today.

Seeking to develop waqf properties as institutional and commercial projects, NAWADCO had signed an MoU with National Building Construction Corporation, PTI reported.