NBCC (India) Limited (NBCC) has secured a work order valued at Rs 234.78 crore (two point three four seven eight bn) from the Indo-Tibetan Border Police (ITBP) for infrastructure development in the Union Territory of Ladakh. The domestic contract covers comprehensive project management consultancy services for the construction and redevelopment of 28 Border Out Posts (BOPs) in the region, according to an exchange filing.

The filing indicated the award was made in the ordinary course of business and that the contract does not involve any interest of the promoter, promoter group or group companies and does not qualify as a related party transaction. NBCC will deliver project management consultancy for planning, supervision and execution of the proposed works and will coordinate redevelopment activities across the identified sites. The assignment reinforces the company’s involvement in strategic border infrastructure projects.

Market reaction was muted with shares trading zero point three per cent higher at Rs 92.47 during the session referenced in the filing. For the June quarter NBCC reported a year on year rise in consolidated net profit of 17.2 per cent to Rs 154.8 crore (one point five four eight bn) despite a decline in revenue from operations of six per cent to Rs 2,259.5 crore (22.595 bn). EBITDA improved by 39 per cent to Rs 155 crore (one point five five bn) and the EBITDA margin expanded to six point eight six per cent from four point six six per cent in the year ago period.

The Navratna public sector enterprise, which operates under the Ministry of Housing and Urban Affairs, announced its first interim dividend of Rs zero point one five per share and has fixed August 17 as the record date for determining eligible shareholders. Separately the board on August 11 granted in principle approval to establish a wholly owned subsidiary to act as a special purpose vehicle for activities related to a proposed Real Estate Investment Trust and the proposed company will seek approvals from the ministry and the Department of Investment and Public Asset Management. The subsidiary is intended to support the company’s REIT strategy and facilitate structured asset monetisation.