NBCC India shares rally 12% on Rs 15,000 crore J&K order; key details
NBCC India recently informed stock exchanges about a Rs 50 crore work order on August 1, Rs 443.61 crore order win on July 30 and Rs 411.45 crore work order on July 29.
- Aug 9, 2024,
- Updated Aug 9, 2024 11:37 AM IST
Shares of Navaratna PSU NBCC (India) Ltd soared 12 per cent in Friday's trade after the state-run firm said it bagged Rs 15,000 crore worth order from Srinagar Development Authority Development in relation to satellite township spread over 406 acres at Rakh-e-Gund Akshah, Bemina, Srinagar, Jammu & Kashmir.
NBCC earlier informed stock exchanges about a Rs 50 crore work order on August 1, Rs 443.61 crore order win on July 30 and Rs 411.45 crore work order on July 29.
Following the latest development, the stock rose 11.60 per cent to hit a high of Rs 188.50. The multibagger stock is up 125 per cent year-to-date and 276 per cent in the past one year.
"With stronger than expected tendering activity and pickup in execution, we increased the FY25 and FY26 EPS estimates by 10 per cent and 6 per cent, respectively. However, the recent runup in stock prices is largely factored into the key positives, so expect limited upside," Geojit Financial Services said last month.
The domestic brokerage revised its rating on NBCC India stock to 'Hold' and the valued of NBCC’s core business at a PE of 45 times on FY26 EPS basis. It saw the book value of the land parcel at Rs 4 per share and suggested the target price of Rs 176 for the stock. That target has been breached today.
NBCC would be declaring its June quarter results on Tuesday, August 13.
Shares of Navaratna PSU NBCC (India) Ltd soared 12 per cent in Friday's trade after the state-run firm said it bagged Rs 15,000 crore worth order from Srinagar Development Authority Development in relation to satellite township spread over 406 acres at Rakh-e-Gund Akshah, Bemina, Srinagar, Jammu & Kashmir.
NBCC earlier informed stock exchanges about a Rs 50 crore work order on August 1, Rs 443.61 crore order win on July 30 and Rs 411.45 crore work order on July 29.
Following the latest development, the stock rose 11.60 per cent to hit a high of Rs 188.50. The multibagger stock is up 125 per cent year-to-date and 276 per cent in the past one year.
"With stronger than expected tendering activity and pickup in execution, we increased the FY25 and FY26 EPS estimates by 10 per cent and 6 per cent, respectively. However, the recent runup in stock prices is largely factored into the key positives, so expect limited upside," Geojit Financial Services said last month.
The domestic brokerage revised its rating on NBCC India stock to 'Hold' and the valued of NBCC’s core business at a PE of 45 times on FY26 EPS basis. It saw the book value of the land parcel at Rs 4 per share and suggested the target price of Rs 176 for the stock. That target has been breached today.
NBCC would be declaring its June quarter results on Tuesday, August 13.