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NBCC India Shares Surge 8% Following Announcement of Potential Bonus Issue

NBCC India shares surged 8% on August 28 after announcing a potential bonus issue. The board will review the proposal on August 31, following recent major contracts and a 39% profit increase.
NBCC India Shares Surge 8% Following Announcement of Potential Bonus Issue

NBCC India shares surged 8% in early trading on August 28 after the company announced it would consider a bonus issue. The stock reached a high of Rs 192.60 on the NSE, approaching its all-time high of Rs 198.30.

The company’s board of directors will meet on August 31, 2024, to review the bonus share proposal. If approved, the bonus issue will be made through the capitalization of reserves, with the ratio to be decided by the board.

In recent news, NBCC’s subsidiary HSCC (India) won a work order worth Rs 528.21 crore on August 14. This order, from the Directorate of Medical Education & Research in Haryana, involves supplying biomedical equipment and hospital furniture for a health sciences university in Karnal.

Additionally, on August 9, NBCC secured a major Rs 15,000 Crore contract from the Srinagar Development Authority. This project is for developing a Satellite Township covering 406 acres in Srinagar, Jammu & Kashmir.

Financially, NBCC reported a 39% rise in net profit for the quarter ending June 2024, reaching Rs 104.62 crore.

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