CBI had booked the CMD for alleged corruption in Rs2,150cr ITPO complex project.

NBCC stock was up 6% on news that CBI has failed to establish charges against the Chairman and Managing Director (CMD) of the company. The CBI had booked the CMD of NBCC, Anoop Kumar Mittal, for alleged corruption in the Rs2,150cr re-development project of ITPO complex at Pragati Maidan. The company said the allegations against the CMD were not corroborated during the probe by CBI.

NBCC’s order book as of Q3FY18 stands at Rs80,000cr. The company expects order inflows of Rs25,000-30,000cr in FY19E. Being a niche player in the industry, NBCC would benefit from government’s initiative like Housing for All, AMRUT, Smart Cities, etc. The company’s land bank of 170 acres will fetch revenue from the real estate segment.

NBCC (India) Ltd is currently trading at Rs196 up by Rs11.25 or 6.09% from its previous closing of Rs184.75 on the BSE.