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PNC Infratech Emerges as Lowest Bidder for Highway Project, Shares Soar 7%

Picture Source: Internet

PNC Infratech shares rose 7% in early trade on March 28 after the company emerged as the lowest bidder for a road project authorised by the Road Transport Ministry.

PNC Infratech has bid Rs 819 crore to construct an NH-731A four-lane highway from Singraur Uphar to Baranpur Kadipur Ichauli in Uttar Pradesh with paved shoulders under the mixed annuity model.

“The project will be constructed within 24 months and will operate for 15 years after completion,” the company said in a bourse filing.

Shares of PNC Infratech were trading at Rs 282.30 on the National Stock Exchange (NSE) at 9:35 am, up 6.5% from their previous close. The stock also hit an intraday high of Rs 283.95.

Additionally, 900,000 shares have changed hands on exchanges, compared with a one-month daily average of 600,000 shares.

At the end of the third quarter, the construction company’s order book stood at Rs 17,842 crore, more than 2.5 times PNC Infratech’s total revenue for the fiscal year 2022.

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