NBCC may acquire 3 PSUs, stock surges

Engineering and construction major NBCC surged on the bourses as reports of three prospective acquisitions surfaced in the markets on Friday. According to media reports, the state-run developer is buckling up to acquire three more government-owned entities as a part of the company’s strategic plan to create a mega construction company.
 
The stock of the company surged on the bourses by over 2 per cent to hit its 52-week high of Rs. 248.85 per share on BSE. The stock surged to its 52-week high for the second consecutive trade session on Friday. The stock recorded an intraday low of Rs. 244.30 per share. The stock also recorded a spurt in volume by more than 1.24 times on Friday.
 
NBCC is likely to acquire Engineering Projects (India), Hindustan Prefab and Hospital Services Consultancy Corporation (India) Limited, respectively, according to referred media reports. The government has called for expressions of interest (EOI) from similarly placed central public sector enterprises (CPSEs) for the strategic sales of all its shares in Hospital Services Consultancy Corporation (India) Limited and National Projects Construction Corporation Limited. 
 
At 1207 hours IST, the stock was trading at Rs. 244.50 per share, higher by 1.05 per cent on BSE on Friday. Meanwhile, S&P BSE Sensex was trading at 32,398.30 level, higher by 0.67 per cent and NSE Nifty50 was trading at 10,159.25 level, higher by 0.62 per cent, respectively.