NBCC shares jumped more than 3% in morning trade after the company partnered with MTNL to develop a 13.88-acre land parcel worth an estimated ₹1,600 crore. This might strengthen NBCC’s position in real estate development and open up growth opportunities.
In the exchange filing, the company shared, “A Memorandum of Understanding (MoU) has been signed between NBCC (India) Limited and Mahanagar Telephone Nigam Limited (MTNL) on September 11, 2024 to collaborate to develop a prominent Land Parcel of MTNL measuring approximately 13.88 acres located on Pankha Road, New Delhi.”
As of 9:31 am, NBCC shares were trading 3.81% higher at Rs 182.40 on the NSE.
