NBCC and HUDCO’s market cap increases by ₹2,200 Crore

28 Nov 2024 , 03:32 PM

On Thursday, November 28, shares of NBCC Ltd., the state-run building and construction corporation, were up as much as 5%.

NBCC plans to create a 10-acre industrial property in Noida at a cost of roughly ₹600 Crore. This will be created in collaboration with the Housing and Urban Development Corporation (HUDCO), the company stated in an exchange filing.

In reaction, HUDCO stock rose as much as 9% on Thursday. The stock reached its highest level in nearly two months.

NBCC and HUDCO have signed a memorandum of understanding (MOU) to develop the industrial site, with NBCC serving as the ‘Project Management Consultant’ for the institutional plot in Noida sector-62.

NBCC received another ₹316 Crore order from the Odisha government. The directive called for the upgrading of primary school hostels in various sites across Odisha under the State Sector Scheme.

On August 31, NBCC announced a 1:2 bonus issue, which meant stockholders may get one bonus share for every two shares held as of the record date.

NBCC has set October 7 as the record date for the bonus issue.

At around 3.28 PM, NBCC was trading 3.20% higher at ₹98.74, against the previous close of ₹95.68 on NSE. The counter touched an intraday high and low of ₹100.50, and ₹97.40, respectively.

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