NBCC gets Rajasthan govt contract to build convention centre and other projects for ₹3,700 crore

Shares of NBCC (India) gained on Monday, August 25, after the Rajasthan government selected it to design, build, and market the Rajasthan Mandapam Convention Centre and other urban development and innovation projects, amounting to around ₹3,700 crore.The company, in an exchange filing, said the projects included Rajasthan Mandapam Convention Centre, Global Capability Centre (GCC) tower, IT Tower, luxury hotels, and new commercial and residential infrastructure on 95 acre of Rajasthan State Industrial Development & Investment Corporation (RIICO) land along the B2 Bypass, Tonk Road.

The convention centre is to be developed on around a 25 acre land parcel, with over 2 lakh square metre of built up square metre of built-up area. It is envisioned as a 7,000 to 7,500-seat world-class convention, NBCC added.

Earlier this month, NBCC reported its first quarter earnings. Its consolidated net profit increased 26.3% to ₹132 crore from ₹104.6 crore last fiscal. Its revenue of ₹2,391 crore was up 11.6% from the previous year’s ₹2,142.5 crore.The company’s EBITDA increased 20.3% to ₹110 crore from ₹91.7 crore in the June quarter last fiscal. Its margin expanded to 4.6% from 4.3% in the year-ago period.

NBCC shares were up 0.77% at ₹104.39 apiece around 1.40 pm on Monday. The stock has gained 12.4% this year, so far.

Also Read: Explained – The key triggers behind the sharp rally in paper stocks