In today’s trading session, shares of NBCC (India), the state-owned construction company, were caught in the 10% down circuit at ₹133.15 apiece, continuing their bearish trend for the sixth straight trading session. This represents a 21% decrease over the course of the six days.
The stock had been rising between January 19 and February 02, giving a spectacular return of 93.5% in just two weeks, rising in value from ₹87.20 per to ₹168.65. The fall can be attributed to profit booking.
The stock saw significant rises of 10% and 19% on February 1 and 2, respectively. The government’s strong focus on affordable housing in the Union Budget 2024–2025 served as the catalyst for this increase.
The stock has posted gains of 289% over the last 11 months, concluding 10 of those months in positive territory. January had a 59% increase, which was the greatest monthly performance for the stock. July and November had returns of more than 16.6% and 16%, respectively.
Interestingly, the National Cooperative Development Corporation placed one large order (NCDC). Under this order, 1,469 warehouses and other agri-infrastructure will be built, helping to create the largest grain storage plan in the world for the cooperative sector. This important order is valued at ₹1,500 crore in total.
In Q2 FY24 crore, the company reported a consolidated net profit of ₹82 crore, up from ₹77 crore in Q1 FY24 crore, according to its financials. In Q2 FY24, its operating revenue was ₹2,053 crore, up from ₹1,918 crore in Q1 FY24.
