NBCC shares jump 5% after signing MoU with HUDCO, securing Rs 316 crore work order

Shares of NBCC (India) jumped 5% to an intraday high of Rs 100.49 on the BSE on Thursday as the company signed a Memorandum of Understanding (MoU) with Housing & Urban Development Corporation Limited (HUDCO) for the development of land in Noida. The company also announced winning a work order worth Rs 316 crore.

Meanwhile, the shares of HUDCO also rallied nearly 5% to their day’s high of Rs 232.07 on the BSE.

“This is to inform that NBCC (India) Limited has signed MoU with HUDCO for development of 10 acre institutional plot at Noida sector-62 as Project Management Consultant,” said the company in an exchange filing.


The tentative cost of this project is approximately Rs 600 crore.

Additionally, the company has also received a work order for the upgradation of primary school hostel (PSH) under state sector scheme in Orissa from ST & SC Development, Minorities & Backward Classes Welfare Department, Government of Odisha.

The project is worth Rs 316 crore.

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In the last one year, the shares of NBCC have given multibagger returns of 123.4% while in the current year so far, the shares have gained 75.44%, according to the BSE analytics. However, the stock has tumbled 19.3% in the last 3 months time.

Technically, the stock is currently trading above its 10 and 20-day exponential moving averages (DEMA), but is positioned below the medium and long term (50, 100 and 200) DEMAs, according to the data available on Trendlyne.

On the RSI, the stock is oscillating near the 47.6 level, which is a mid-range mark on the indicator. A level below 30 is considered to be oversold while a level above 70 is considered as overbought.

The shares of NBCC (India) closed 1.18% higher at Rs 95.70 on the BSE in the last trading session.

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