After the announcement of a major development deal between NBCC (India) Ltd and Housing & Urban Development Corporation (HUDCO), the shares of both the companies on Thursday (November 27) showed a positive reaction. Both the companies stock in the early trade hours saw a rise, driven by investor enthusiasm over the Rs 600 crore institutional complex project planned in Noida, Delhi NCR.
Stocks Rally Post MoU Announcement
On Thursday morning, HUDCO and NBCC shares gained momentum after the announcement of their collaboration.
HUDCO Shares
The shares of the company opened at Rs 223.11, touched an intraday high of Rs 240.58, and were trading at Rs 230.59, up by 4.61 per cent, by 12:21 PM IST on NSE.
Share performance - NSE |
NBCC Shares
On a similar note, NBCC stocks opened at Rs 97.40, hit a high of Rs 100.50, and were trading at Rs 98.79, up 3.35 per cent during the same time.
Share performance - NSE |
The Noida Project
HUDCO announced its plans to develop a 10-acre land parcel in Noida into a state-of-the-art institutional complex which includes Office spaces, Studio apartments, Conference areas, Retail outlets, and shared amenities.
In its regulatory filing, HUDCO said, "Housing and Urban Development Corporation Limited (HUDCO) has signed a Memorandum of Understanding (MoU) with NBCC (India) Limited, on 27th November, 2024 at New Delhi for development of a land parcel of 10 acres, owned by HUDCO at NOIDA. HUDCO, on the said land, intends to create an Institutional complex with world-class amenities which is likely to have 8.71 Lakh sq ft. of built-up area with a mix of office space, studio apartments, conference space, and retail & common facilities. NBCC will undertake the execution of the said project with the scope of Concept-to-Commissioning," the company said.
Further adding to the significance of the event, HUDCO stated, "The MoU was signed by Shri S Thangaraju, Executive Director (PD&S), HUDCO and Shri A. K. Goyal, Executive Director (Engg.), NBCC in presence of Shri Sanjay Kulshrestha, CMD, HUDCO and Shri K. P. Mahadevaswamy, CMD, NBCC along with other senior officials from both the organizations."
