Shares of National Buildings Construction Corporation Ltd (NBCC) have soared by a little more than 3 per cent after the company said it has signed an MoU with Air India to develop its land assets on a joint venture basis.

The BSE said it has sought a clarification from NBCC about the announcement.

In a communication to the stock exchanges, NBCC said it has signed an MoU with Air India for the development of land parcels belonging to airlines at different locations on a joint venture basis. However, the announcement did not disclose the extent of land involved in the deal, the location, or the nature of development and also how the investment/revenue was proposed to be shared.

BSE said it had sought a clarification from NBCC with regard to the disclosure made by the latter on the signing of an MoU with Air India.

The NBCC stock has had a dream run on the bourses this year, rallying by nearly seven times from its 52-week-low hit of ₹134 hit on December 17, 2013. It was trading at ₹859 in morning trade today on the NSE, a gain of ₹26.35 or up by 3.16 per cent. It hit a high of ₹872.80. The trading volume topped 10 lakh shares.

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