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  5. NBCC surges up to 5%, HUDCO zooms 9% as firms sign MoU for ₹600 crore Noida project; check details

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NBCC surges up to 5%, HUDCO zooms 9% as firms sign MoU for ₹600 crore Noida project; check details

Upstox
By Upstox News Desk

2 min read | Updated on November 28, 2024, 10:49 IST

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SUMMARY

In a regulatory filing on Wednesday, NBCC said that it has "signed an MoU with HUDCO for the development of a 10-acre institutional plot at Noida sector-62 as Project Management Consultant." The tentative cost of the project is about ₹600 crore, it added.

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NBCC was founded in 1960 as a Government of India Civil Engineering Enterprise with its headquarters in Delhi.

NBCC was founded in 1960 as a Government of India Civil Engineering Enterprise with its headquarters in Delhi.

NBCC share price: Shares of state-owned NBCC Ltd rallied as much as 5% to ₹100.49 apiece on the BSE on Thursday, November 28, a day after the PSU signed an MoU with HUDCO to develop a 10-acre industrial plot in Noida at the cost of ₹600 crore. 

In a regulatory filing on Wednesday, NBCC said that it has "signed an MoU with HUDCO for the development of a 10-acre institutional plot at Noida sector-62 as Project Management Consultant."

The tentative cost of the project is about ₹600 crore, it added.

NBCC is in the project management consultancy (PMC) and real estate business.

HUDCO shares, on the other hand, jumped 9% to ₹240.50 on the BSE. 

NBCC was founded in 1960 as a Government of India Civil Engineering Enterprise with its headquarters in Delhi. It holds the status of Navratna CPSE. NBCC participates in government flagship schemes such as the Smart Cities Mission, Namami Gange, and Pradhan Mantri Gram Sadak Yojna (PMGSY). 

NBCC (India) reported a 53% increase in its consolidated net profit at ₹125.13 crore for the quarter ended September (Q2 FY25) on higher income.

Its net profit stood at ₹81.90 crore in the year-ago period.

Total income rose to ₹2,525.95 crore during the second quarter of this fiscal year from ₹2,134.36 crore logged in the corresponding period of the preceding year, according to a regulatory filing.

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Housing and Urban Development Corporation Ltd (HUDCO), on the other hand, reported a 52% increase in consolidated net profit to ₹688.62 crore for the September quarter.

Its net profit stood at ₹451.65 crore in the year-ago period.

The company's total income rose to ₹2,526.14 crore in the second quarter of this fiscal year from ₹1,880.85 crore in the corresponding period of the preceding year.

Housing and Urban Development Corporation Ltd (HUDCO) is a premier techno-financing public sector enterprise in the field of housing and infrastructure development.

(With inputs from PTI)

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