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  1. NCC shares jump 5% as PSU receives LoA from Ken-Betwa Link Project Authority; check details

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NCC shares jump 5% as PSU receives LoA from Ken-Betwa Link Project Authority; check details

Upstox

2 min read | Updated on November 29, 2024, 09:25 IST

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SUMMARY

NCC received a letter of acceptance (LoA) dated November 28, 2024, from the Ken-Betwa Link Project Authority regarding the selection of the company as the successful bidder for the EPC execution of Daudhan Dam under the Ken-Betwa Link Project. 

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The total price for the contract shall be ₹3,389.49 crore (excluding GST). 

The total price for the contract shall be ₹3,389.49 crore (excluding GST). 

NCC share price: Shares of NCC, the public sector undertaking (PSU) in the construction and infrastructure space, rallied up to 4.96% in the opening deals on Friday, November 29, a day after the firm received a letter of acceptance (LoA) dated November 28, 2024, from the Ken-Betwa Link Project Authority.

The LoA is regarding the selection of the company as the successful bidder for the EPC execution of Daudhan Dam under the Ken-Betwa Link Project. 

The total price for the contract shall be ₹3,389.49 crore (excluding GST). 

The infrastructure firm reported its profit more than doubled in the second quarter, helped by higher order inflows. Consolidated net profit rose to ₹163 crore ($19.3 million) for the quarter ended September 30 from ₹77.34 crore a year ago.

Revenue from operations rose 10.1% to ₹5196 crore. While total expenses rose 7.6% to ₹4974 crore, the cost of materials consumed, which forms more than a third of expenses, fell 1.2%.

Earlier, NCC Ltd said it received orders worth ₹3,496 crore (excluding GST) in October 2024. Out of these orders, NCC Ltd said that ₹2,694 crore is related to the Building Division, ₹538 crore is related to the Electrical Division, and ₹274 crore is related to Water and other Divisions. 

"These orders do not include any internal orders as they are received from the state and central government agencies and private limited companies, an official NCC Ltd," the company said in its press release.

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