NBCC surges after securing order worth Rs 271.62 crore; analyst sees up to 20% return in short term

NBCC share price: National Buildings Construction Corporation Limited (NBCC) shares surged more than 2 per cent on Tuesday, November 29, a day after the state-owned construction firm received an order worth Rs 271.62 crore in stalled projects of erstwhile Amrapali Group.

NBCC opened Rs 41.85 apiece on NSE, gaining around 2 per cent from previous close of Rs 41.10. At noon, the counter quoted Rs 42.20.

Number of passive funds tracking Nifty indices crosses 200 

According to Zee Business panellist and market expert Mudit Goyal, the chart of NBCC is strong and that the counter has completed a double bottom pattern. The stock is also trading above the levels of March 2022. He said that NBCC can yield up to 20 per cent return.

NBCC Share Price Target - Rs Rs 48/50 

Duration: 1.5 to 2 months

NBCC on Monday informed through an exchange filing that it has received work orders worth Rs 271.62 crore in projects of erstwhile realty firm Amrapali Group. 

The company received an order of Rs 42.44 crore for construction of balance works /left out works of Amrapali corporate Hub at IMT Manesar, Gurugram in Haryana. NBCC got another order of Rs 229.18 crore for "special repair and up-gradation works of civil, electrical, mechanical and plumbing along with all allied works required due to lack of comprehensive maintenance of Amrapali Projects at Noida & Greater Noida".

The order value mentioned is including PMC (project management consultancy) charge and excluding GST.

NBCC has undertaken the completion of many residential projects in Noida and Greater Noida under the aegis of Amrapali Stalled Projects and Investment Reconstruction Establishment (ASPIRE) and supervision of the Supreme Court.

NBCC has yielded a stellar return of 30 per cent in the past 1 month. In 6 months, the counter has zoomed 25 per cent. 

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