Stocks

NCC consortium bags Rs 25,071 cr project; shares soar 6.5%

BL Internet Desk Chennai | Updated on January 09, 2018 Published on November 22, 2017

Shares of infrastructure firm NCC Ltd surged as much as 6.54 per cent on Wednesday as the consortium formed by it and BGR Infra has bagged a project from NTPC to develop and operate around Rs 25,071 crore coal block in Chhattisgarh.

“The consortium formed between NCC and BGR Infra has been awarded the project relating to mine development and operation of Talaipalli coal block (MDO project) by NTPC,” the company had said in a filing to BSE on Tuesday.

After opening strong at Rs 114.80 against the previous close of Rs 107.75, the scrip touched an intraday high of Rs 114.80 and a low of Rs 108.60. In terms of equity volume,11.24 lakh shares exchanged hands on the BSE.

NCC shares ended up by 1.21 per cent at Rs 109.05.

The Coal Ministry had allocated the coal block located in Chhattisgarh. Dry fuel from this block will be put to captive use for NTPC’s 4,000 MW Lara Power Project. A special purpose vehicle to be formed between NCC Ltd and BGR Mining & Infra Ltd with a sharing ratio of 51:49 will execute the project.

“The value of the project is estimated to be Rs 25,071 crore to be executed over 25 years and the annual revenue at rated capacity is about Rs 1,000 crore at current prices,” NCC said.

(With inputs from PTI)

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Published on November 22, 2017
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