The Navratna stock is rising at a rate of nearly 8%, and here's why:
According to BSE analysts, this Navratna stock has rallied 129.98% year to date, producing a multibagger return.
NBCC shares rally: On Wednesday, during intraday trading, shares of the state-owned Navratna corporation NBCC (India) jumped by as much as 8.30 per cent to Rs 192.40, just Rs 6 off its 52-week high of Rs 198.25, which was reached on July 9, 2024.
The company’s announcement that the board will convene on Saturday, August 31, 2024, to deliberate a proposal for bonus shares to be issued to equity shareholders is credited with sparking the upward move in NBCC’s stock price.
“…to inter-alia consider the proposal for the issue of Bonus Shares to the equity shareholders of the company in the ratio, as it may deem fit, by way of capitalization of reserves, subject to Shareholders’ approval,” the NBCC stated in a BSE regulatory filing.
NBCC (India) is a public sector enterprise under the Ministry of Housing and Urban Affairs (MoHUA) that is entirely owned by the Government of India. Its three main business sectors are engineering procurement and construction, real estate, and project management consulting.
As of August 28, 2024, NBCC’s market capitalization on the BSE was Rs 33,930 crore. The BSE 500 index includes the civil construction company as one of its constituents.
According to BSE analysts, this Navratna stock has rallied 129.98% year to date, yielding a multibagger return, while the Sensex has soared 13.03 percent in the same time frame.
Over the years, NBCC shares have demonstrated impressive historical performance. NBCC shares have increased 35.52 percent over the last three months, 42.12 percent over the last six months, and a staggering 269.77 percent over the last year, according to BSE data.
According to BSE analytics as of August 28, 2024, this Navratna PSU stock has returned 456.51 percent over the last two years, 422.50 percent over the last five years, and an incredible 568.44 percent over the last ten years.
NBCC shares were up 6.08 percent from their previous close of Rs 177.65 on the BSE to trade at Rs 188.45 at approximately 11:00 PM. NBCC shares were up 6.11 percent from their previous close of Rs 177.64 to Rs 188.50 on the NSE. Simultaneously, about 497.43 lakh equity shares of NBCC were traded on the NSE, valued at Rs 941.53 crore.
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