NBCC India Shares Surge Over 6 Per Cent Amid Bonus Issue Announcement

NBCC India Share Price: The board of directors is scheduled to convene on August 31, 2024, to deliberate on the proposal for issuing bonus shares to equity shareholders

NBCC India Share Price: The bonus issue, if approved, will be executed through the capitalisation of reserves, with the specific ratio to be determined during the meeting.

Source : ABPLIVE AI

NBCC India Share Price: NBCC (India), a Navratna Central Public Sector Enterprise, saw its shares climb by more than 6 per cent in early trading on Wednesday, following the announcement that the company's board will consider a bonus issue later this week.

As of 9.55 AM, NBCC (India) shares were trading at Rs 189.00, reflecting an increase of Rs 11.35, or 6.39 per cent, on the BSE.

The board of directors is scheduled to convene on August 31, 2024, to deliberate on the proposal for issuing bonus shares to equity shareholders. The bonus issue, if approved, will be executed through the capitalisation of reserves, with the specific ratio to be determined during the meeting.

Recent Developments

On August 14, NBCC’s subsidiary HSCC (India) secured a work order valued at Rs 528.21 crore from the Directorate of Medical Education & Research, Haryana. This order involves the procurement of biomedical equipment and hospital furniture for the Pt. Deen Dayal Upadhyaya University of Health Sciences in Kutail, Karnal.

Additionally, on August 9, the company received a significant order worth Rs 15,000 crore from the Srinagar Development Authority. This project involves the development of a Satellite Township across 406 acres at Rakh-e-Gund Akshah, Bemina, Srinagar (J&K).

Financial Performance

For the quarter ending June 2024, NBCC reported a robust 39 per cent increase in net profit, totaling Rs 104.62 crore. This growth underscores the company's strong performance and positive outlook.

On Tuesday, NBCC's share price closed in the green at Rs 177.45 on the NSE, marking an increase of nearly 1 percent.

Last week, the company announced that it had set Friday, September 6, 2024, as the record date for determining shareholder eligibility to receive a final dividend of Rs 0.63 per equity share for FY23-24.

The last final dividend distribution by the company occurred in September 2023.