Shares of NBCC (India) Ltd surged nearly 6% in Wednesday's trade as the company received an order worth ₹448.02 crore from the Ministry of Home Affairs.
According to an exchange filing, the company will be in charge of building the border and road in Mizoram along the Indo-Bangladesh Border (IBB) between BP Nos. 2,350 and 2,364 (length 88.58 kilometres). The contract is for a Project Management Consultancy (PMC) on a deposit work basis.
The AIIMS in New Delhi issued a work order worth ₹81 crore to NBCC India's subsidiary HSCC (India) in March. For ₹415.10 crore, NBCC sold 1.05 lakh square feet of the World Trade Center's built-up area in Nauroji Nagar, New Delhi, during the same time frame.
A Letter of Award (LoA) for a project worth ₹625 crore was given to Nyati Engineers and Consultants by NBCC in March.
On the technical front, the stock has gained 40.30% from its 52-week low of ₹26.6 recorded on June 17, 2022. The stock's weekly average delivery volume is 22.78%.
However, the stock price fell 2% and underperformed its sector by 18.3% in the past year.
"The stock is in strong positive momentum since the last few sessions, and today as well, we have seen a gap-up opening along with follow-up buying. If prices continue to hold this today's bullish gap, then further positive traction can be expected in the next few days where levels around 41 - 43 can be retested. Immediate support is at 35," said Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One.
According to a MintGenie poll, four analysts on an average recommend 'hold' rating on the stock.
