NBCC Share Price: NBCC shares jump 5% after securing Rs 1,600 crore deal with MTNL

The two companies signed a Memorandum of Understanding (MoU) on September 11, 2024, to collaborate on developing a prominent land parcel owned by MTNL. The land, spanning approximately 13.88 acres on Pankha Road in New Delhi, will be transformed into a modern residential and commercial space.

Earlier in August, the company secured a Rs 15,000 crore work order from the Srinagar Development Authority. The project involves developing a satellite township over 406 acres at Rakh-e-Gund Akshah in Bemina, Srinagar.

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At 10:09 a.m., the stock was trading 2.5% higher at Rs 180.20 on the BSE. It has delivered multibagger returns to its investors, rising 120% over the past year and 230% over the last two years.

In Q4 FY24, NBCC reported a 24.6% year-on-year (YoY) increase in net profit at Rs 141.5 crore. Revenue from operations jumped 43% to Rs 4,025 crore compared to Rs 2,814 crore in the year-ago period. At the operating level, EBITDA climbed to Rs 240.2 crore in the fourth quarter of this fiscal over Rs 104.5 crore in the fourth quarter of FY23.As per Trendlyne data, the average target price of the stock is Rs 142, a downside of 21% from the current market prices. The consensus recommendation from 4 analysts for the stock is a ‘Sell’.Also Read: Shree Tirupati Balajee shares list at 12% premium over IPO price

In technical terms, the relative strength index (RSI) of the stock is currently at 45.9. An RSI below 30 is considered oversold, and above 70 is overbought, Trendlyne data showed. NBCC stock was trading higher than the 5-day, 100-day, 150-day, and 200-day simple moving averages (SMAs), while lower than 10-day, 20-day, 30-day, and 50-day SMAs.

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