NBCC shares rise 5% after signing agreement with MTNL.

12 Sep 2024 , 01:16 PM

NBCC shares rose over 5% to Rs 183.70 in Thursday’s BSE intraday trade after the company signed a significant agreement with Mahanagar Telephone Nigam Ltd (MTNL) for a project worth around Rs 1,600 crore.

On September 11, 2024, the two firms signed a Memorandum of Understanding (MoU) to work on the development of MTNL’s prominent land parcel. The 13.88-acre plot on Pankha Road in New Delhi will be developed into a sophisticated residential and commercial space.

In August, the business received a Rs 15,000 crore work order from the Srinagar Development Authority. The project entails creating a satellite township of 406 acres in Rakh-e-Gund Akshah near Bemina, Srinagar.

At 13:09 p.m., the stock was up 2.3% on the BSE at Rs 179.69. It has provided multibagger returns to its investors, rising 120% in the past year and 230% in the last two years.

For feedback and suggestions, write to us at [e-mail]