PNC Infra gains after bagging NHAI order

PNC Infratech rose 1.64% to Rs 179.65 at 11:58 IST on the BSE after the company said it bagged a National Highway EPC project of Rs 1062 crore.

PNC Infratech has been declared the L1 (lowest) bidder for National Highways Authority of India's project of construction of 31.7km long four lane bypass connecting NH-56 at km 17.400 and terminating near Behta Village Road under NHDP Phase-VII on EPC mode namely Lucknow Ring Road Package I for a quoted price of Rs 1062.0 crore. The price bids were opened on Thursday, 29 August 2019, with PNC's bid being the lowest (L1). Construction of this project is to be completed in 36 months. The announcement was made after market hours yesterday, 29 August 2019.

On the BSE, 9789 shares were traded in the counter so far compared with average daily volumes of 8167 shares in the past two weeks. The stock hit a high of Rs 183.5 and a low of Rs 178.6 so far during the day.

The stock hit a 52-week high of Rs 219.4 on 03 Jul 2019. The stock hit a 52-week low of Rs 122.7 on 01 Oct 2018.

On a consolidated basis, PNC Infra's net rose 51.78% to Rs 178.51 crore on a 66.36% rise in the net sales to Rs 1,524.52 crore in Q1 June 2019 over Q1 June 2018.

PNC Infratech (PNCIL) and its subsidiaries is engaged in India's infrastructure development through the construction of highways including BOT (built, operate and transfer projects), airport runways, bridges, flyovers and power transmission projects among others.

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