NBCC announces sale of Rs 5,716-crore commercial space in World Trade Centre; shares end flat

NBCC share price BSE: The Navratna company announced the sale of commercial built-up space in World Trade Centre, Nauroji Nagar, New Delhi, through e-auction on October 23, 2023.

NBCC share price NSE: NBCC (India) shares edged higher on Thursday. Image: Official website

NBCC share price BSE: NBCC (India) shares edged higher on Thursday, a day after the Navratna company announced the sale of commercial built-up space in World Trade Centre, Nauroji Nagar, New Delhi, through e-auction on October 23, 2023. The area offered for sale is 14.75 lakh square feet, worth Rs 5,716.43 crore. NBCC shares opened at Rs 60.61, up over 3 per cent from the previous close of Rs 58.7 each on BSE. The stock settled at Rs 58.21, down Rs 0.49 or 0.83 per cent on BSE. As many as 26.68 lakh shares exchanged hands on the bourse against the 2-week average quantity of 20.99 lakh shares on Thursday.

Technical analyst Nilesh Jain said that the counter has been in a consolidation zone for the last 3 to 4 years. The stock has made multiple attempts to test the Rs 60 level not been able to take it out. On the lower side, the stock has found good support near Rs 25. Looking at the recent structure of NBCC, the analyst sees a higher-top-higher-bottom formation, it is likely to break the Rs 60 mark and move in the range of Rs 70-75.

The stock looks positive structure-wise and can be bought on the decline keeping a stop loss below Rs 52. The ideal buying range will be Rs 57-Rs 55. He further said that the stock has the potential to move towards Rs 65-70-odd levels in the short term and then move towards Rs 75-odd levels.

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Here's how the stock traded on Thursday:

Source: NSE

NBCC share price history

NBCC's stock has rewarded investors with a return of nearly 90 per cent in the last 12 months (from September 28, 2022). In comparison, the headline index Nifty 50 has rallied over 16 per cent.

Besides, the company held its 63rd Annual General Meeting (AGM) on September 26. The company's board declared a final dividend of Rs 0.54 per paid-up equity share of the face value of Rs 1, i.e., a 54 per cent payout to its shareholders. The counter traded the ex-date for the dividend on September 1, 2023.

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