Shares of the state-owned construction firm NBCC Ltd hit a 52-week high on Thursday on the back of series positive news for company, the major one was getting Rs 3,200 crore project from union finance ministry. The other two boosters were getting a licence to develop ‘World Trade Centre’ and festival season sale of 1,000 flats. The stock of NBCC rose as much as 3.72% to hit the 52-week high of Rs 228.5 on BSE.
Rs 3,200 crore project
NBCC said it had bagged Rs 3,200 crore project from the union finance ministry to develop a residential-cum-office complex in Mumbai. In an exchange filing, NBCC informed that it has got LOI (letter of intent) from Department of Customs and Excise for “planning, designing and construction of office complex and residential quarters at Wadala, Mumbai amounting to Rs 3,200 crore on self-revenue generation model”. NBCC has an order book of Rs 75,000 crore at present and hopes that the figure will reach to Rs 1 lakh crore soon. The company, which is under the administrative control of Ministry of Housing and Urban Affairs, is present in three main segments – Project Management Consultancy (PMC), Real Estate Development and EPC Contracting.
World Trade Centre licence
NBCC also announced that it has got a licence to develop a commercial project at Nauroji Nagar in the national capital as ‘World Trade Centre’. The government has engaged construction firm NBCC as the implementing and marketing agency for a redevelopment of three colonies – Nauroji Nagar, Netaji Nagar and Sarojini Nagar – here on sustainable finance model. “We have got the licence from WTC, New York recently to develop the Nauroji Nagar commercial hub as World Trade Centre (WTC),” PTI reported citing NBCC’s Chairman and Managing Director Anoop Kumar Mittal. In this complex, he said there are 12 commercial towers, spanning over 3 million sq ft area. This project is expected to be completed by 2020.
Festival sale of 1,000 flats
NBCC will launch about 1,000 flats for sale in this festival season and is in discussion with the government to develop affordable housing projects on surplus land with PSUs. The company is also in talks with the government for developing islands in Andaman and Nicobar and Lakshadweep, its Chairman and Managing Director Anoop Kumar Mittal said. “We will be launching 1,000 flats as well as commercial area across the country including Delhi-NCR in this festival. The flats will be in the price range of Rs 15 lakh to Rs 1 crore,” he said.