NBCC’s (NS:NBCC) shares climb for the second consecutive day, jumping close to 4% on Tuesday following the announcement of securing three substantial work orders worth ₹369.05 crore. The contracts include construction projects for Rani Lakshmi Bai Central Agricultural University campuses, a single-court complex in Telangana, and renovating ICAI Bhawan in Noida.
The construction firm’s after-market hours announcement revealed the significant projects, including the construction of multiple university campuses and a tender for a single-court complex and residential quarter. Additionally, NBCC will renovate and furnish the ICAI Bhawan in Noida, Uttar Pradesh.
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However, Nuvama, a domestic brokerage firm, downgraded NBCC’s stock rating to “hold” from “buy,” with a price target of ₹140. Analysts cited the recent surge in NBCC’s share price, indicating limited upside potential.
Despite the downgrade, NBCC reported robust earnings for the December quarter, with a 60.2% year-on-year increase in net profit to ₹110.7 crore. Revenue from operations also witnessed a notable growth of 13% to ₹2,412.6 crore.
