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The stock of National Buildings Construction Corporation (NBCC) edged up 1.1 per cent in early trade on Monday at Rs 816, as its board has approved a follow-on public offer.
Besides, strong financial performance for the year ended also boosted the stock.
The PSU board on Friday approved the sale of 10 per cent stake through FPO that will help the company raise over Rs 900 crore to fund business expansion.
No other PSU stock has beaten its peformance in the last three years, since NBCC got listed.
NBCC got listed on the bourses in April 2012 with a IPO price of Rs 106. Through the issue, the company raised Rs 127 crore.
The 52-week high and low of the stock are Rs 1,087 and Rs 277 respectively.
NBCC provides project management consultancy services for construction projects, civil infrastructure for power sector and real estate development.
The company has reported a 30 per cent rise in net profit at Rs 133.63 crore for the fourth quarter of financial year 2014-15 compared with Rs 102.73 crore during the corresponding quarter in 2013-14. Total income from operations rose 26.26 per cent to Rs 1,814.01 crore during the last quarter of fiscal 2015 against Rs 1,436.64 crore in the corresponding period previous fiscal.
For the full financial year 2014-15, the net profit was Rs 278.27 crore, which is 8.08 per cent higher than Rs 257.45 crore recorded in 2013-14.
Total income was Rs 4,674.14 crore in fiscal 2014-15, an increase of 14.84 per cent compared with Rs 4,070.10 crore in 2013-14.
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