Shares of NBCC (India), the state-owned construction company, settled 9% higher at ₹76 apiece in Monday’s trade after the company announced plans to develop the Maharana Pratap Tourist Circuit at Haldighati in Rajasthan. Today's rally was the biggest single-day spike that the stock had seen in the last 114 months.
In a filing on Monday, NBCC said it has signed a memorandum of understanding (MoU) with the Department of Tourism, Government of Rajasthan, and the Rajasthan Heritage Authority (RHA). Under the agreement, NBCC will undertake the planning, designing, execution, operation, and maintenance of the identified works.
As part of the ₹168 crore tourist circuit project, the company will construct what is proposed to be the world’s largest statue of Maharana Pratap at Haldighati. Maharana Pratap was the ruler of the Kingdom of Mewar.
The project cost, as sanctioned by the Rajasthan government, stands at ₹168.39 crore, excluding GST. This includes a project management consultancy (PMC) fee of 4.25% of the actual project cost.
A major highlight of the proposed development will be the creation of the world’s tallest statue of Maharana Pratap at Haldighati, along with a historical museum depicting the legendary warrior riding his iconic horse, Chetak, NBCC said.