NBCC rallies on Nomura upgrade
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National Buildings Construction Corporation (NBCC) has rallied 8% to Rs 760 on reports that the foreign broking firm Nomura has initiated coverage on company with a buy for a target price of Rs 1,049 per share.
Nomura says NBCC has an asset light business model with lower working capital requirement.
The stock opened at Rs 713 and touched a record high of Rs 765 on BSE. A combined 2.37 million shares changed hands on the counter so far on BSE and NSE.
In past one week, the stock has rallied 48% from Rs 515 on September 16, compared to 2.5% rise in the benchmark S&P BSE Sensex.
On September 15, the state-owned construction firm said it signed a Memorandum of Understanding (MoU) with the National WAQF Development Corporation (NAWADCO) for developing the WAQF properties.
NBCC will act as an executing agency for the commercial exploitation of the land parcels available with NAWADCO, it added.
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