NBCC, a government infrastructure and housing projects company, saw a 30% increase in share price with the news of bagging a Rs 180 crore order from SAIL. This recent order is worth 0.45 times the company's current market capitalisation, leading to a fresh 52-week high for NBCC shares. The positive news led to a surge in global markets as well, with the Sensex and Nifty expected to open with higher numbers. However, residents of NBCC Green View housing complex may have to vacate their flats by March 2022, causing concern for some.
National Buildings Construction Corporation (NBCC), a leading infrastructure and housing project company in India, has witnessed a significant surge in its share price following an announcement of a major contract.
On February 23, 2023, NBCC announced that it had bagged a contract worth Rs 180 crore from Steel Authority of India Limited (SAIL). The project involves the construction of 1,470 dwelling units for SAIL employees in Rourkela, Odisha.
This contract represents approximately 0.45 times NBCC's current market capitalization. The positive news has led to a fresh 52-week high for NBCC shares, with the stock price rising by over 30%.
The announcement of the contract has also had a positive impact on the global markets. The Sensex and Nifty, India's benchmark stock indices, are expected to open higher on Monday, February 27, 2023, due to the positive sentiment surrounding NBCC's order win.
While the share price surge is positive news for NBCC investors, residents of the NBCC Green View housing complex in Delhi may face some concerns. The company has served eviction notices to the residents, ordering them to vacate their flats by March 2022.
This decision stems from a legal dispute between NBCC and the residents over the ownership of the flats. The complex was originally intended for employees of the National Building Organization (NBO), but NBCC claims that the flats were illegally occupied by others.
1. What is NBCC? NBCC is India's leading infrastructure and housing project company, with a focus on commercial, industrial, residential, and public buildings.
2. Why did the NBCC share price surge? NBCC's share price surged after the announcement of a major contract from SAIL.
3. What is the impact of the contract on NBCC's market capitalization? The contract is worth approximately 0.45 times NBCC's current market capitalization.
4. What is the situation with the NBCC Green View housing complex? Residents of the NBCC Green View housing complex have been ordered to vacate their flats by March 2022 due to an ownership dispute.
5. What is the outlook for NBCC shares? Analysts generally have a positive outlook for NBCC shares due to its strong order book and pipeline of projects.
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