HUDCO, NBCC shares rise on signing MoU worth ₹600 crore

Shares of Housing & Urban Development Corporation (HUDCO) soared 9 per cent on signing a memorandum of understanding with NBCC (India) Ltd on November 27, in New Delhi, for the development of a 10-acre HUDCO-owned land parcel in Noida. 

The cost of the project is approximately ₹600 crore. 

HUDCO, according to stock exchange disclosure, plans to develop an 8.71 lakh square ft institutional complex. The complex will offer a mix of office space, studio apartments, conference facilities, and retail and common areas. NBCC will be responsible for the entire project lifecycle, from initial planning to final handover. 

Shares of HUDCO traded at ₹226.97 on the NSE, up 2.97 per cent, after hitting the day’s high at ₹240.58. The stock previously closed at ₹220.42.

NBCC (India) shares also rose 3.02 per cent to trade at ₹98.57 on the NSE at the time of writing.