PNC Infratech Rises 16% due to NHAI project

The share price of PNC Infratech increased over 16.5 per cent to Rs 155 apiece in early trade on June 26 after the company announced it has won an order from the National Highways Authority of India (NHAI) worth Rs 1,412 crore.

At 09:20 am, the company’s stock was trading around up with 10.53 percent to Rs 147.00 on the BSE.

PNC Infratech’s shares touched its 52-week high Rs 219.40  on July 3, 2019, and its all-time high Rs 228 on December 26, 2017.

Meanwhile, the shares had a 52-week low Rs 80.85 on 19 August 2019 and 25 March 2020, respectively.

PNC Infratech

PNC Infratech has received a letter of award (LOA) from NHAI for Hybrid Annuity Mode (HAM) HAM Project for Rs 1,412 crore. This is the eleventh hybrid annuity highway project secured by the company for four-laning of 53.95 km long Meerut – Nazibabad section of NH-119 (New NH-34) from design chainage, in Uttar Pradesh under Bharatmala Pariyojana. The project is to be completed within 24 months and operated for 15 years post-construction. secured by the company so far.

The price bids for the said project were opened on Wednesday and the firm was the lowest bidder for the project under Bharatmala Pariyojana, the company said in an exchange filing.

PNC Infratech reported a 45.63 per cent decline in its total profit for the quarter ended March 2020. The net profit stood at Rs 76.08 crore, however, the company reported a net profit of Rs 139.93 crore during the same period last year.

At present, the shares of PNC Infratech are trading 31.58 per cent below from its 52-week high and 81.82 percent above its 52-week low.

 

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