By Malvika Gurung
Investing.com — Shares of the state-owned construction sector major NBCC (NS:) (India) hit a new 52-week high of Rs 63.6 apiece and jumped 6.62% in early trade on Wednesday, extending their rally streak for the eighth consecutive session, spiking 29.3% in the period.
The Navratna central public sector enterprise (CPSE) has signed a memorandum of understanding (MoU) with the Kerala State Housing Board for an order worth approximately Rs 2,000 crore.
As per the MoU details between the two parties, NBCC (India) will be involved in the development of a land parcel spread over an area of 17.9 acres of Kerala State Housing Board at Marine Drive in Kochi, Kerala.
The domestic entity has awarded the Development or Redevelopment project to the Navratna PSE on a self-sustainable basis, project management and marketing consultancy, NBCC (India) stated on Tuesday.
The time period for the execution of the said contract is yet to be decided.
Shares of NBCC have been giving strong returns to investors over a month’s period, dropping only once in the past ten trading sessions.
The small-cap PSU stock has jumped 59% so far this year and rallied 72.4% in a one-year period.