NBCC shares hit 52-week high on Rs 1,500 crore order win

Shares of NBCC Limited surged nearly 6 percent, scaling a new 52-week high of Rs 84.75 in early trade on December 14, following the company’s announcement of securing a project management consultancy contract worth Rs 1,500 crore for the development of 1,469 warehouses and other infrastructure pertaining to the agriculture sector.

“The company has won the order from the National Cooperative Development Corporation (NCDC) and Primary Agriculture Cooperative Society (PACS) in various states,” NBCC stated in a regulatory filing on December 13.

Follow our market blog for all the live action
In May this year, the Union Cabinet approved the “World’s Largest Grain Storage Plan in Cooperative Sector” to be rolled out as a Pilot Project. The Plan entails the creation of various agri infrastructures at the Primary Agricultural Credit Societies (PACS) level, including warehouses, custom hiring centres, processing units, Price Shops, etc. by leveraging the ‘whole-of-Government’ approach.

Also read: NBCC share price gains 2% on signing MoU with ICAI

In November, the company signed a Memorandum of Understanding (MoU) with the Institute of Chartered Accountants of India (ICAI). Under the MoU, the ICAI has agreed to award the work relating to planning, designing, and execution of ICAI’s buildings and renovation works at various locations in India as deposit work on a turnkey basis.

Read more: US Fed keeps interest rates unchanged, forecasts 3 cuts in 2024; IRCTC, NBCC in focus, & more | Market Minutes

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Get ₹100 cashback on checking your free Credit Score on Moneycontrol. Gain valuable financial insights in just two clicks! Click here