Stock Market Today: Shares of NBCC India Ltd and Housing & Urban Development Corporation (HUDCO) surged by up to 9% in morning trades on Thursday, following the announcement of a ₹600 crore project in NOIDA, Delhi NCR.
Key Highlights
HUDCO Share Price: Opened at ₹223.40 on the BSE, marginally above the previous close of ₹220.60. The stock rose to an intraday high of ₹240.50, reflecting gains of up to 9%.
NBCC Share Price: Opened at ₹97.43 on the BSE, nearly 2% higher than the previous close of ₹95.70. It climbed to an intraday high of ₹100.49, marking a 5% gain during the session.
Despite intraday corrections aligned with broader market trends, both stocks have delivered exceptional returns over the past year, with gains of 118-183%, making them multibagger performers.
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Project Announcement
On Wednesday, post-market hours, HUDCO and NBCC announced signing a Memorandum of Understanding (MoU) on November 27, 2024, in New Delhi for the development of a 10-acre land parcel owned by HUDCO in NOIDA.
Project Scope: HUDCO plans to develop an institutional complex featuring world-class amenities across an 8.71 lakh sq. ft. built-up area. The complex will include office spaces, studio apartments, conference facilities, retail outlets, and common amenities.
Execution: NBCC will manage the project from concept to commissioning.
The announcement has boosted investor confidence, driving up share prices in early trading.
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