NCC stock gains nearly 10% on strong volumes, logs biggest intraday jump since August

Shares of NCC, one of the largest construction companies in India, jumped nearly 10% in today's trade amid a strong spike in volumes. The stock marked a new 52-week high of 194.90 apiece.

A Ksheerasagar
First Published10 Jan 2024, 06:14 PM IST
Looking at the long-term performance, the stock gained 208% in 5 years and it is up by 850% in 10 years.
Looking at the long-term performance, the stock gained 208% in 5 years and it is up by 850% in 10 years.(Pixabay)

Shares of NCC, one of the largest, well-diversified construction companies in India, jumped nearly 10% in today's trade, recording the best intraday jump since August 2023 amid a strong surge in volumes. During the trade, the stock marked a new 52-week high of 194.40 apiece. 

In today's trade, a total of 42 million shares changed hands on both the NSE and BSE, marking a substantial 6.4-fold rise from the stock's average weekly volume of 6.5 million shares. Today's rally has also pushed the stock towards its all-time high of 228 apiece, a level last seen in January 2008.

Also Read: Multibagger stock: Solar Industries shares zoomed 535% in last 3 years; will the rally continue?

Multibagger returns

NCC is one of the largest infrastructure conglomerates in India, with a presence across all major construction segments such as building and housing, roads, water and environment, irrigation, metals, mining, and railways. Construction companies are currently benefiting from the government's robust infrastructure spending.

The company's shares finished CY23 with a stellar gain of 98%, which is the best yearly performance since CY14, owing to a decline in key raw material costs, significant order wins, and improving financials.

Looking at the long-term performance, the stock gained 208% in 5 years and it is up by 850% in 10 years.

Also Read: Praveg: This small-cap stock gained 47% in just 3 sessions amid ‘Chalo Lakshadweep’ wave

On January 01, the company said it received two new orders in November, which are worth 553.48 crore.

Positive outlook

In a recent note, domestic brokerage firm Kotak Securities said that the company's strong order book provides revenue growth visibility for the next 2–3 years. The brokerage highlighted the company's strong performance over the past three years, attributing it to the addition of new segments and verticals that contribute to sustained growth.

Also Read: Construction sector may see 10% YoY revenue growth, stable margins in Q3FY24

Reflecting the positive outlook, the brokerage maintained its 'buy' rating on the stock and lifted its target price to 200 apiece from an earlier price of 185 per share.

 

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.

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News in Numbers

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₹588.25 Cr

₹20,000 Cr

7.93 Cr

₹8,943 Cr

20 Yrs

First Published:10 Jan 2024, 06:14 PM IST
HomeMarketsStock MarketsNCC stock gains nearly 10% on strong volumes, logs biggest intraday jump since August

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