NBCC India Shares Jump 8% on Bonus Issue Plans
On August 28, NBCC (India) shares rose by 8% in early trading after the company announced plans to consider a bonus issue. This news sparked strong buying interest, pushing the stock to a high of Rs 192.60 on the NSE, nearing its all-time high of Rs 198.30.
The board of directors will meet on August 31, 2024, to discuss the proposal for issuing bonus shares to equity shareholders. If approved, the bonus shares will be issued by converting the company’s reserves, with the exact ratio to be decided by the board.
Recently, on August 14, NBCC’s subsidiary, HSCC (India), received a work order worth Rs 528.21 crore from the Directorate of Medical Education & Research, Haryana, to supply biomedical equipment and hospital furniture for Pt. Deen Dayal Upadhyaya University of Health Sciences in Kutail, Karnal.
Additionally, on August 9, NBCC secured a major Rs 15,000-crore order from the Srinagar Development Authority to develop a Satellite Township over 406 acres in Rakh-e-Gund Akshah, Bemina, Srinagar (J&K).
For the quarter ended June 2024, NBCC reported a 39% increase in net profit, totaling Rs 104.62 crore.
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Tata Technologies Shares Rise 15% from 52-Week Low; Can the Uptrend Continue?
On Wednesday, Tata Technologies Ltd shares rose by 1.45% to reach a high of Rs 1,115. This marks a 14.88% increase from its one-year low of Rs 970.55, which was recorded earlier this month on August 5. Despite this gain, the stock is still down 20.36% from its 52-week high of Rs 1,400, which it hit on November 30 last year, the day it was listed.
In the previous trading session, the stock saw significant activity with three bulk deals. TPG Rise Climate sold 1,21,29,489 shares worth Rs 1,230.12 crore, while Copthall Mauritius Investment and Ghisallo Master Fund purchased 40,10,579 and 31,22,686 shares, valued at Rs 406.27 crore and Rs 316.33 crore, respectively.
Gaurang Shah, Senior VP at Geojit Financial, suggests keeping a close eye on Tata Tech shares at their current levels.
Analysts believe the stock could rise to Rs 1,200 in the near term, with support around Rs 1,050 and Rs 950. Kiran Jani, Head of Technical Research at Jainam Broking, mentioned that a decisive close above Rs 1,100 could open up potential upside targets of Rs 1,150-1,200. He advises placing a stop loss at Rs 1,050.
Pravesh Gour, Senior Technical Analyst at Swastika Investmart, also sees an immediate target of Rs 1,150, with Rs 950 acting as strong support.
Today, around 4.26 lakh shares were traded on the BSE, which is lower than the two-week average of 33.91 lakh shares. The stock’s turnover was Rs 46.73 crore, and it has a market capitalization of Rs 44,643.82 crore.
The stock is currently trading above its 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, and 150-day simple moving averages (SMAs). Its 14-day relative strength index (RSI) stands at 77.56, indicating that the stock is in the overbought zone.
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