 "NBCC hits new high; stock surges 25% in two days")
National Building Construction Corporation (NBCC) has surged 6% to Rs 642, extending its previous day’s rally on National Stock Exchange (NSE), on back of heavy volumes.
The stock opened at Rs 616 and has touched a record high of Rs 645 so far. The counter has seen huge trading activity with a combined 1.74 million shares changing hands in first 25 minutes of trade on NSE and BSE.
In past two trading sessions, the stock rallied 25% from Rs 515 on September 16, compared to less than 1% rise in benchmark CNX Nifty.
On September 15, the state-owned construction firm said it signed a Memorandum of Understanding (MoU) with the National WAQF Development Corporation (NAWADCO) for developing the WAQF properties.
“The company has signed an MoU with National Waqf Development Corporation Limited (NAWADCO), for development of waqf properties all over India as institutional and commercial projects,” NBCC said in a regulatory filing.
NBCC will act as an executing agency for the commercial exploitation of the land parcels available with NAWADCO, it added.
The stock opened at Rs 616 and has touched a record high of Rs 645 so far. The counter has seen huge trading activity with a combined 1.74 million shares changing hands in first 25 minutes of trade on NSE and BSE.
In past two trading sessions, the stock rallied 25% from Rs 515 on September 16, compared to less than 1% rise in benchmark CNX Nifty.
On September 15, the state-owned construction firm said it signed a Memorandum of Understanding (MoU) with the National WAQF Development Corporation (NAWADCO) for developing the WAQF properties.
“The company has signed an MoU with National Waqf Development Corporation Limited (NAWADCO), for development of waqf properties all over India as institutional and commercial projects,” NBCC said in a regulatory filing.
NBCC will act as an executing agency for the commercial exploitation of the land parcels available with NAWADCO, it added.