NBCC (India) Stock Rebounds After Bagging ₹3,700 Crore Order In Rajasthan

Shares of NBCC (India) reversed early losses to gain nearly 1.5% on Monday, after securing an order worth ₹3,700 from the state government of Rajasthan.

At the time of writing, NBCC shares were up 0.7% at ₹104.4.

According to an official press release, NBCC has been appointed as the lead agency for a major development project in Rajasthan. The initiative involves the design, construction, and marketing of a range of high-profile facilities, including the Rajasthan Mandapam Convention Centre, a Global Capability Centre (GCC) Tower, an IT Tower, luxury hotels, and new commercial and residential infrastructure.

The project will be developed across 95 acres of land owned by the Rajasthan State Industrial Development & Investment Corporation (RIICO), with an estimated investment of around ₹3,700 crore.

Technical take

On the monthly charts, NBCC appears sideways to mildly positive, with strong support in the ₹100 – ₹104 zone, noted SEBI-registered analyst Sameer Pande. 

The next support lies at the ₹90 - ₹95 zone, making this level critical for downside protection. A decisive breakout above ₹108 on a closing basis would confirm a stronger upward momentum and open the door for higher targets, he added.

On the daily charts, the setup looks interesting. The relative strength index (RSI) is hovering around 38 and attempting to move upward, though the stock is encountering resistance initially near ₹107 and then at ₹112.

For traders, Pande recommends waiting for a clear breakout before taking up fresh long positions.

Stock watch

At the time of writing, NBCC (India) was the top trending stock on Stocktwits. However, retail sentiment for NBCC remained ‘bearish’ on the platform, dipping from ‘bullish’ a week back.

According to information on BSE, the stock is expected to trade ex-dividend later this week on Aug. 29.

The company reported robust earnings for the June quarter, with consolidated net profit rising by over 26% to ₹132 crore, while revenue from operations increased by 11.6% to ₹2,391 crore. It had declared an interim dividend of ₹0.21 per share.

NBCC shares have gained over 12% so far this year.

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