Shares of NBCC (India) surged 3% after announcing on February 27 that the company had secured projects worth Rs 350 crore.

Shares of the company were up 0.9% at Rs 33.25 on the BSE at 9:27 am.

NBCC has been awarded the job of project management consultant to complete the planning, design, execution/construction of buildings and their services and other maintenance and upgrading works of existing buildings under the traditional/EPC contract model according to the scope of work of various buildings Motilal Nehru National Institute of Technology in Allahabad is valued at Rs 350 crore, the company said in a regulatory filing.

The company recorded a gross business income of Rs 194.17 crore in January, compared to Rs 309.1 crore in December.

Momentum appears to have slowed in order wins, as this is the first project the company will win in 2023. The impact is also felt in stock price action, with negative year-over-year stock performance over the past three months, year-to-date and quarterly.

In the December quarter, net sales for December 2022 stood at Rs 1,586.68 crore, up 5.17% from Rs 1,508.65 crore a year earlier. Net profit for December 2022 was Rs 48.52 crore, down 30.03% from Rs 69.35 crore.