430% return in 2 years: Multibagger PSU stock surges over 11% - Here's why

NBCC Share Price NSE, BSE: Shares of NBCC surged over 11 per cent on Friday after the civil construction company signed an MoU with Srinagar Development Authority (SDA)

NBCC Share Price NSE, BSE

The counter opened in green at Rs 170.95 on the BSE and gained further to touch the high of Rs 188.50 - a surge of around 11.6 per cent from the previous close of Rs 168.90. 

On technical parameters, NBCC stocks is trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages. It has outperformed sector by 7.24 per cent.

NBCC Share Price History

According to BSE Analytics, the counter has gained over 277 per cent in one year and 430 per cent in two years. The scrip has already gained 125 per cent so far this year. 

NBCC signs MoU with SDA

The MoU has been signed for the development of a satellite township spread over 400 acres in Bemina area of the city at a cost of Rs 15,000 crore, an official spokesman said.

The SDA and the NBCC, a government of India enterprise, signed the MoU for the development of a satellite township at Rakh Gund Aksha in Bemina locality on the outskirts of the city, the spokesman said.

He said the township will be spread over 406 acres approximately.

The MoU was signed by SDA's Owais Ahmed and NBCC's Sanjay Gupta.

The project site is located adjacent to upcoming Medi City and the High Court Complex.

The project is estimated to cost about Rs 15,000 crore. The NBCC will implement the project as project management and marketing consultant from 'concept to commissioning', the spokesman said.

About 3,200 affordable housing flats of 45 sqm each are also planned on the project site. The project development cost, site infrastructure, facilities, amenities and affordable housing units will be implemented on a self-sustaining mode -- the funding from the revenue generated from sale proceeds of proposed villas, commercial component of the proposed development and the likes.

Once completed, the project will become the New Town Centre for the residents of Srinagar as well as the hub for tourists, the spokesman said.