NBCC is a PSU engaged in project management consultancy for the government and PSUs. The company is also into redevelopment of government colonies. In recent times it has been won projects to complete stalled real estate projects in the NCR (Amrapali). The company’s order book at Rs. 70000 crores of which Rs. 37,000 crores is for redevelopment of government colonies in NCR however legal intervention has stalled these projects but these issues are being settled gradually. We have a neutral weight view on the stock due to poor near term financials. The real estate business (57 acres) may display volatility and is dependent on external environment. The impact of Covid-19 pandemic will be severe due to suspension of work, however, long term visibility of revenues is a key positive – 13-07-2020 Price: 25.60 Rating: Neutral Weight Recommendation: Hold
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