HUDCO Shares Fly 9% on Signing MoU to Develop 10-Acre Land; NBCC Shares Gain 5%
HUDCO Shares Fly 9% on Signing MoU to Develop 10-Acre Land; NBCC Shares Gain 5%
Shares of Housing & Urban Development Corporation (HUDCO) gained 9% and shares NBCC (India) increased by up to 5% on 28 November after NBCC signed an Memorandum of Understanding (MoU) with HUDCO for developing 10-acre v institutional plot at Noida sector-62 as a project management consultant.
According to NBCC’s report, the project is expected to cost Rs 600 crore.
The institutional complex that HUDCO plans to build is expected to contain 8.71 lakh square feet of built-up area and include a variety of office space, studio flats, conference space, retail space, and common areas. NBCC will be responsible for carrying out the project from conception to commissioning.
Established in 1960, NBCC India is a public sector organization under the Government of India’s Ministry of Housing and Urban Affairs. Construction, infrastructure development, and project management consulting are the areas of expertise for this Navratna business.
Urban infrastructure development, project management consulting (PMC), and residential and commercial buildings are just a few of the many operations that NBCC is engaged in. Large-scale public sector projects are undertaken by the company, which is well-known for its work on affordable housing, government property rehabilitation, and infrastructure projects like water supply systems, highways, and bridges.
The Indian government’s Ministry of Housing and Urban Affairs founded HUDCO, a public sector organization, in 1970. The main responsibility of HUDCO is to finance the construction of homes and urban infrastructure in India. For initiatives involving affordable housing, urban development, infrastructure, and slum restoration, the company provides long-term finance and technical assistance.
While the Sensex has increased by 21% over the last year, NBCC’s shares have increased by 111% and HUDCO’s by 170%.
At 12:23 pm, the shares of HUDCO were trading 4.24% higher at Rs 229.76 while NBCC shares were trading 3.19% higher at Rs 98.73 on NSE.
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