Shares of NBCC (India) Ltd, a construction engineering corporation, rose by 4.52% on Thursday, 12 September, after the company announced  that it had inked a memorandum of understanding (MoU) with MTNL for a project worth Rs 1,600 crore.

In an exchange filing, NBCC said, “It is hereby informed that a Memorandum of Understanding (MoU) has been signed between NBCC (India) Limited and Mahanagar Telephone Nigam Limited (MTNL) on 11 September, 2024 to collaborate to develop a prominent Land Parcel of MTNL measuring approximately 13.88 acres located on Pankha Road, New Delhi.”

As per the terms of the agreement, the companies have worked together to develop a notable 13.88-acre land parcel of MTNL that is situated on Pankha Road in New Delhi. According to the firm, the project is valued at Rs 1,600 crore. 

The project also aims to use the resources and experience of both organisations to turn the site into a cutting-edge residential and commercial space.

NBCC provides services in the areas of real estate, engineering procurement, building, civil engineering, project management consultancy, and redevelopment. In addition, NBCC provides networks for water supply with raw water mains, water treatment facilities, and solid waste management services.

The stock has reached a 52-week high of Rs 209.75 per share and a 52-week low of Rs 53.50 per share. 

At 11:15 am, the shares of NBCC were trading 2.41% higher at Rs 179.95 on NSE. 

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