Shares of NCC rose sharply in Monday's trade, extending their gains for the second straight session. The stock jumped 10.52 per cent to hit a day high of Rs 92.95 in the first trading session of 2023 over its previous close of Rs 84.10.
The company, in an exchange filing today, stated that it has received five new orders aggregating Rs 3,601 crore in December last year.
"Out of these orders, two orders valuing Rs 1,871 crore relating to Water Division, two orders valuing Rs 993 crore relating to Electrical Division and one order valuing Rs 738 crore relating to Irrigation Division. These orders are received from State Government Agencies and do not include any internal orders," NCC said.
The contracts need to be executed in a time span ranging from 18 months to 36 months, it added.
NCC's stock has gained 11.73 per cent in the last five sessions. The scrip moved 27.46 per cent higher in 2022.
That said, the stock traded 4.08 per cent lower from its 52-week high of Rs 96.90 than today's high level of Rs 92.95. A total of 19.18 lakh shares changed hands with a turnover of Rs 17.25 crore. The company's market capitalisation (m-cap) stood at Rs 5,735.38.
On BSE, there were 6,10,608 sell orders against buy orders of 1,59,343 shares.
NCC was last seen trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages today.
NCC's 14-day relative strength index (RSI) came at 64.22. 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 9.17.
Rekha Jhunjhunwala, wife of late investor Rakesh Jhunjhunwala, held a 10.79 per cent stake or 6.77 crore shares of NCC as of September 30, 2022.
"Ahead of Budget, many infrastructure stocks have moved higher due to the expectation of an increased focus on spending in the sector," an expert, requesting anonymity, said.
Meanwhile, Indian equity benchmarks started 2023 on a positive note amid strong buying interest seen in metal stocks.
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