Market Wrap, Sept 23: Sensex, Nifty50 gain as metal stocks rally, crude oil prices ease

Indian equity markets ended Wednesday on a firm note, with both benchmark indices closing at a two-week high. The BSE Sensex rose 299 points to settle at 74,828, while the NSE Nifty50 climbed 118 points to end at 23,447. Buying interest was broad-based, but metal stocks clearly led the charge as crude oil prices cooled below the $100 mark. Key closing numbers The Sensex gained 299.17 points, or 0.40%, to close at 74,828.25. During the day it had touched an intraday high of nearly 74,974. The Nifty50 advanced 117.80 points, or 0.50%, to finish at 23,446.80. Midcap and smallcap indices also participated, rising around 0.7% and 0.9% respectively, showing that the advance was not limited to large-caps. Market breadth remained positive, with advances outnumbering declines roughly 2:1. India VIX eased further, signalling lower near-term volatility. Metal stocks drive the rally The Nifty Metal index surged over 2.4%, emerging as the strongest sectoral performer. Tata Steel, JSW Steel an...
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NCC Wins ₹10,805 Cr BSNL BharatNet Orders for Uttarakhand, Madhya Pradesh

 


Hyderabad-based Nagarjuna Construction Company Limited (NCC) has clinched two massive orders worth ₹10,805 crore from Bharat Sanchar Nigam Limited (BSNL), boosting its order book significantly. Announced in a regulatory filing on March 25, 2025, these contracts involve the design, supply, construction, installation, upgradation, operation, and maintenance of the middle-mile network for the ambitious BharatNet project in Uttarakhand and Madhya Pradesh. Here’s everything you need to know about this development and its implications.

Breakdown of NCC’s ₹10,805 Crore BSNL Orders

NCC’s latest contracts with BSNL are split across two telecom circles:

  1. Uttarakhand Telecom Circle:
    • Order Value: ₹2,647.1 crore
    • Capital Expenditure (Capex): ₹1,543.35 crore
    • Operating Expenditure (Opex): ₹1,103.77 crore
  2. Madhya Pradesh, DNH & DD Telecom Circles:
    • Order Value: ₹8,157.4 crore
    • Capex: ₹4,189.05 crore
    • Opex: ₹3,968.39 crore

The scope of work includes building and maintaining the middle-mile network infrastructure, a critical component of BharatNet, aimed at enhancing broadband connectivity across rural India. The execution phase spans three years, followed by a 10-year maintenance period, as per the filing.

Official Statement from NCC

In its regulatory filing under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, NCC stated:
“We are pleased to inform that the Company has received 2 (two) Advance Work Orders dated March 25, 2025, from Bharat Sanchar Nigam Limited (BSNL) for design, supply, construction, installation, upgradation, operation, and maintenance of the middle-mile network of BharatNet in Uttarakhand Telecom Circle and Madhya Pradesh, DNH & DD Telecom Circles.”

NCC’s Recent Winning Streak

This isn’t NCC’s only big win in recent days. On March 20, 2025, the company secured a ₹2,129.6 crore order from the Andhra Pradesh Capital Region Development Authority (AP CRDA) for construction work on the Amaravati Capital City Project. With the addition of the BSNL orders, NCC is solidifying its position as a key player in India’s infrastructure and construction sector.

Stock Performance and Market Insights

Despite the positive order announcements, NCC shares closed 1.95% lower at ₹205.10 per share on the National Stock Exchange (NSE) on March 25, 2025, post-market hours. The company’s market capitalization stood at ₹12,877.13 crore.

  • 52-Week High: ₹364.50 (July 2024)
  • 52-Week Low: ₹170.05 (March 3, 2025)

The dip in share price could reflect broader market sentiment, but the influx of high-value orders signals strong growth potential for NCC in the long term.

Why This Matters for BharatNet and India

The BharatNet project is a cornerstone of India’s digital infrastructure ambitions, aiming to connect over 2.5 lakh gram panchayats with high-speed broadband. The middle-mile network, which NCC will develop, serves as the backbone linking core networks to last-mile connectivity points. By bagging these orders, NCC is playing a pivotal role in bridging India’s digital divide, especially in states like Uttarakhand and Madhya Pradesh.

What’s Next for NCC?

With a robust order pipeline now exceeding ₹12,934 crore in the past week alone (including the AP CRDA contract), NCC is well-positioned for revenue growth. Investors will likely keep an eye on:

  • Execution Timelines: Completing the BharatNet projects within the three-year window.
  • Stock Recovery: Whether the share price rebounds from its current level as market confidence builds.
  • Future Orders: Potential for more infrastructure contracts as India ramps up development projects.

Conclusion

NCC’s ₹10,805 crore orders from BSNL for the BharatNet middle-mile network in Uttarakhand and Madhya Pradesh mark a significant milestone for the company and India’s digital connectivity goals. While the stock market reaction has been muted so far, the long-term outlook remains promising, driven by NCC’s growing presence in high-value infrastructure projects. As the company gears up to execute these contracts over the next three years, it’s a name to watch in the construction and telecom infrastructure space.

Location:Nainital Uttarakhand ,India India

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