Navratna CPSE Stock Spikes 13%, Stone’s Throw Away from 52-Wk High

By Malvika Gurung

Investing.com -- Shares of the state-owned construction sector major NBCC India (NS: NBCC ) jumped 12.8% to Rs 63.5 apiece in the intraday trade on Thursday, only a stone’s throw away from the stock’s 52-week high of Rs 63.6 apiece recorded on Sept 6, 2023.

The Navratna central public sector enterprise (CPSE) has signed a quadripartite Memorandum of Understanding (MoU) with the Ministry of Steel (MoS), Rashtriya Ispat Nigam Limited (RINL), and National Land Monetization Corp. Ltd. (NLMC).

The agreement has been signed for monetizing the Non-core assets of RINL at Visakhapatnam.

According to the details of the MoU, NBCC will act as a Technical cum Transaction Advisor as well as assist the three bodies (MoS, RINL, NLMC) in the monetization of Non-core assets of RINL.

Further, the Navratna CPSE has won a work order worth Rs 180 crore from SAIL (NS: SAIL ), Bokaro Steel Plant.

The nature of the contract will involve consultancy and project management services for the upcoming infrastructural related projects of Bokaro Steel Plant, township, mines and collieries, said NBCC.

Shares of the state-owned company have continued rising for the second day in a row, jumping 16.1% in the period. So far in the year, NBCC’s shares have shot up 57.35%.

Note: Thank you to those who attended yesterday's webinar by Aayush Khanna. You can access the full recording here: https://shorturl.at/rHQYZ.

Kindly note that a once-in-a-lifetime offer of 65% discount on InvestingPro+ via the coupon code PROW629 is only valid till 30th September, 2023 and for new subscriptions only.