PNC Infra jumps on emerging lowest bidder for construction project

PNC Infratech surged 5.66% to Rs 255.85 after the company said it has been declared as L-1 (lowest) bidder for a road project in Karnataka.

The project entails construction of 6 lane with access controlled greenfield highway MH/KN Border (Badadal) to Maradgi S Andola section of NH - 150C (Package-II of Akkalkot to KN/TS Border section) on Hybrid Annuity Mode.

The bid project cost is Rs 1575 crore. The project is to be constructed in 30 months and operated for 15 years post construction.

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

On consolidated basis, the company's net profit declined 52.9% to Rs 82.98 crore on 8.8% rise in net sales to Rs 1721.82 crore in Q3 December 2021 over Q3 December 2020.

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