NBCC shares rise 7% ahead of Union Budget end 5-day losing streak

The public sector undertaking (PSU) stock rallied more than 8% to trade at an intraday high of ₹186.7 apiece on the NSE. However, the state-owned construction company’s shares pared some of the early gains to close 7.6% higher at ₹185 apiece on the NSE. The stock has dropped 3.9% in the last five sessions.

Investors are monitoring the Ministry of Housing and Urban Affairs' public sector undertaking ahead of the Union Budget 2024 amid speculations about the government’s likely push for infrastructure and housing sectors. Finance Minister Nirmala Sitharaman will present Budget 2024 in Parliament on July 23.

Earlier on July 11, the company informed the exchanges that it had bagged an order worth ₹36.15 crore from the Vidyalaya Samiti. As a part of the order, NBCC will set up solar or electric water heating systems in 331 Jawahar Navodaya Vidyalaya schools.

The company also informed the stock exchanges that it bagged an order worth ₹36 crore earlier this month, on July 4, from the National Institute of Technology, Patna. The PSU secured the order on a Project Management Consultancy (PMC) basis to supervise the construction and development of an incubation Centre at NIT Patna in Bihar.

In the past one year the PSU stock has given robust returns of 341.5%. NBCC India Ltd shares have rallied 84% in the last six months and 11.51% in the past month.