PNC Infratech drops as UP Government cancels bid

PNC Infratech lost 3.74% to Rs 164.65 at 10:45 IST on BSE after the company announced that the Uttar Pradesh government has cancelled its bid for Purvanchal Expressway.

The annoucement was made after market hours on Friday, 15 June 2018.

Meanwhile, the S&P BSE Sensex was up 22.75 points, or 0.06% to 35,644.89.

On the BSE, 18,000 shares were traded in the counter so far compared with average daily volumes of 21,000 shares in the past two weeks. The stock had hit a high of Rs 167.90 and a low of Rs 162.75 so far during the day. The stock hit a record high of Rs 228.40 on 26 December 2017. The stock hit a 52-week low of Rs 130 on 12 September 2017.

PNC Infratech announced the decision of UP Government to re-invite bids for Purvanchal Expressway. Government of Uttar Pradesh has cancelled the on-going bidding process of 341 km long Purvanchal Expressway project comprising of eight individual packages and decided to go for fresh bidding. The company had earlier informed on 24 May 2018 that it was declared as L1 (lowest) bidder for the fourth package of the Purvanchal Expressway project on EPC basis for a quoted price of Rs 1738.44 crore, which now stands cancelled.

Net profit of PNC Infratech rose 230.53% to Rs 111.52 crore on 116.48% rise in net sales to Rs 758.88 crore in Q4 March 2018 over Q4 March 2017.

PNC Infratech provides end-to-end infrastructure implementation solutions that include engineering, procurement and construction (EPC) services.

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