NESCO zooms on declaring as highest bidder by National Highways Logistics Management
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NESCO is currently trading at Rs. 1039.10, up by 43.85 points or 4.41% from its previous closing of Rs. 995.25 on the BSE.
The scrip opened at Rs. 1029.50 and has touched a high and low of Rs. 1048.00 and Rs. 1000.50 respectively. So far 8225 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1081.00 on 03-Dec-2024 and a 52 week low of Rs. 755.10 on 14-Mar-2024.
Last one week high and low of the scrip stood at Rs. 1048.00 and Rs. 962.95 respectively. The current market cap of the company is Rs. 7244.34 crore.
The promoters holding in the company stood at 68.54%, while Institutions and Non-Institutions held 8.01% and 23.45% respectively.
NESCO has been declared as highest bidder by National Highways Logistics Management for Developing, Operating and Maintaining of Wayside Amenities in South Zone on Bengaluru Chennai Expressway Corridor (Phase II) Section on Lease Basis comprising of 3 sites. The said order is to be completed within 10 months of appointed date. The period of lease is 30 years (with first right of refusal for extending the lease agreement for another 30 years).
The total cost the Company has to incur for development of Wayside Amenities is estimated at around Rs 75 crore for each of the 3 sites. The estimated annualised revenue from 3 sites is around Rs 350 crore from year 4 of operations. The annual lease rent is Rs 16.60 crore for 3 sites with fixed annual revision basis increase in WPI and CPI.
NESCO is a tool manufacturing company. The Company operates in two divisions: Bombay exhibition center/realty division and engineering division.
