Shares of NBCC (India) Ltd surged up to 11.62 per cent to hit a high of Rs 159.50 in Tuesday's trade. The stock was last seen trading 10.85 per cent up at Rs 158.40. At this price, it has gained 93.67 per cent in 2024 so far.
The construction PSU, in a BSE filing, said it has recently been awarded orders worth Rs 878.17 crore. To specify, it has bagged an order from Kochi Metro Rail Ltd, valued at Rs 700 crore.
In addition, NBCC has secured orders from Hindu College (University of Delhi), Institute of Company Secretaries of India (ICSI) and Oil India Ltd. These three orders are worth Rs 69.71 crore, Rs 8.62 crore and Rs 99.84 crore, respectively. As of March 2024, promoters held a 23.24 per cent stake in the company.
On technical setup, the counter was trading higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). The counter's 14-day relative strength index (RSI) came at 62.57. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The company's stock has a price-to-equity (P/E) ratio of 74.69 against a price-to-book (P/B) value of 12.03. Earnings per share (EPS) stood at 1.91 with a return on equity of 16.10.
NBCC, erstwhile National Buildings Construction Corporation, is a public sector undertaking firm under the Ministry of Housing and Urban Affairs. As of March 2024, the government held a 61.75 per cent stake in the company.
Separately, construction PSU counters saw a sharp uptick today after the new Cabinet under Prime Minister Narendra Modi has approved assistance for the construction of 3 crore additional rural and urban houses under the Pradhan Mantri Awas Yojana (PMAY).
PMAY aims to meet the housing needs arising from an increase in the number of eligible families. Since its inception in 2015-16, it has helped eligible rural and urban households build homes with basic amenities, completing a total of 4.21 crore houses for poor families over the past decade.
All houses constructed under PMAY are equipped with essential amenities such as household toilets, LPG connections, electricity connections, and functional household tap connections through convergence with other central and state government schemes.