National Building Construction Corporation (India) or NBCC's share price has surged in the last two sessions. On Monday, the company's share price rose by nearly 3 per cent to ₹126. This stock has gained 9 per cent in the last two sessions. Do you know why?
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Last Friday, NBCC announced the resolution of several issues in an exchange filing. There was an ongoing dispute over a piece of land in Sultanpur village, Delhi. NBCC has reached a settlement with GNCTD regarding the 42.46-acre land. The land will be divided equally between the two parties. As a result, NBCC will get 21.23 acres of land. Once that land comes into hand, NBCC will be able to start development and construction work there. Market experts believe this news has helped boost the company's stock.
Additionally, last week NBCC received in-principal approval from Mumbai Port Trust. This approval has been granted for multiple infrastructure projects in the Mumbai Port area. Under this project, NBCC will construct a CGO complex, an iconic building, a multi-level car parking facility, and an international convention centre. An MOU was signed with the Mumbai Port Authority on December 23 regarding this. This is why the company's share price is rising.
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Not just the last two trading sessions. This stock's price has increased by more than 6 per cent over the last five trading sessions. In the past year, this company's share price has risen by more than 40 per cent. Over the past five years, it has grown by 512 per cent.
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