NBCC shares jump over 3%: Here is why the stock soaring

State-owned NBCC on Thursday said that it has signed a strategic memorandum of understanding (MoU) with Mahatma Phule Renewable Energy and Infrastructure Technology Limited (MAHAPREIT) with an estimated worth of ₹25,000 crore.

“This collaboration aims to jointly undertake a wide range of consultancy, fee-based, EPC and redevelopment projects from concept to commissioning,” NBCC said in a statement to the stock exchanges.

Following the development, shares of NBCC jumped 3.28% to ₹83.73 apiece on the National Stock Exchange.

Under the partnership, NBCC and MAHAPREIT will collaborate on key infrastructure projects in Maharashtra, including cluster development projects in Thane Municipal Corporation, data centres, renewable energy initiatives, slum rehabilitation projects in the Mumbai Metropolitan Region (MMR) and various residential projects under the Pradhan Mantri Awas Yojana (PMAY).

“These projects will be executed in a phased manner over the next three to five years, contributing to sustainable urban development and affordable housing in line with the Government of India’s vision,” the company further said.

The MoU seeks to leverage each party’s strengths and complement their capabilities, with the objective of enhancing long-term client acquisition and service delivery capabilities.

On Wednesday, NBCC had informed about bagging two orders worth ₹658 crore. The company secured an order of a ₹439 crore contract from the Uttarakhand Investment and Infrastructure Board (UIIDB) and a ₹219.45 crore order from the Centre for Development of Telematics.

Last week, the company informed exchanges that it successfully sold 1,046 residential units at Aspire Centurian Park, Greater Noida West, UP, through an e-auction. The total sale value of the residential units was approximately ₹2,353 crore. The company will get 1% as a marketing fee of sale value.

In the quarter ended December 2024, NBCC reported a net profit of ₹128.59 crore, marking an increase of 37% from ₹94 crore in the same period last year. Its revenue from operations advanced 7% to ₹2,047.77 crore from ₹1,918.60 crore in the year-ago period.