NBCC (India) bags contract for developing Satellite Township

State-owned NBCC (India) shares soar up to 8.67% to Rs 183.55 after the company announced that it has bagged a contract worth Rs 15,000 crore from Srinagar Development Authority.

The contract involves developing a satellite township covering 406 acres at Rakh-e-Gund Akshah, Bemina, Srinagar, Jammu and Kashmir (J&K).

The value of this order is approximately 45% of the company's current full market capitalization, which is currently Rs 33,048 crore.

NBCC (India) majorly involves in three major segments namely project management consultancy, real estate, and engineering procurement & construction.

The company's consolidated net profit climbed 24.52% to Rs 141.49 crore on a 42.86% jump in revenue from operations to Rs 3,936.98 crore in Q4 FY24 over Q4 FY23.