NBCC shares gain 3% on bagging work order worth ₹92 crore from PGIMER Chandigarh

NBCC (India) Ltd shares gained 3% on Tuesday after the state-owned construction company announced that its wholly owned subsidiary bagged a work order worth ₹92 crore in Chandigarh.

In a filing to the stock exchanges, the company said that its wholly owned subsidiary, HSCC (India) Limited has secured an architectural consultancy work order worth ₹92 crore from the Post Graduate Institute of Medical Education And Research (PGIMER), Chandigarh.

As per the details of the contract awarded, HSCC (India) has been appointed as an Architectural Consultant. The responsibilities of HSCC India involve comprehensive planning, designing as well as monitoring and supervision for the construction of the Extension Block for Advanced Eye Centre and DDTC in front of the drug De-addiction centre at PGIMER Chandigarh.

The work order is in the normal course of the company’s business, NBCC (India) said in an exchange filing on Tuesday, March 4.

After the announcement, shares of NBCC Ltd gained as much as 3.09% to a high of ₹136.45 apiece on NSE.

Shares of NBCC (India) have shown strong performance on a medium to long term basis as well as on a year-to-date basis, as the stock has risen sharply by 65% so far this year. The company’s shares have shot up more than 73% in the last three months.

The central public sector undertaking (PSU) reported a 59% rise in consolidated net profit on a year-on-year (YoY) basis to ₹113.56 crore in the quarter ended December 31, 2023, compared to ₹71.49 crore in the same period last year. Its total income gained 12.8% to ₹2,471.51 crore in Q3FY24 from ₹2,191.24 crore in the year-ago period.

NBCC (India) is a ‘Navratna’ PSU and a leading player in the construction sector. The company operates across three major business segments of project management consultancy, real estate development, and engineering procurement and construction.

The company’s shares closed flat at ₹132.7 per piece.