PNC Infratech gains after winning airport runway project at Kanpur

PNC Infratech gained 1.19% to Rs 383 at 11:47 IST on BSE after the company announced that it was declared the lowest bidder for the project of resurfacing/strengthening of runway at Air Force Station, Kanpur.

The company made announcement after market hours yesterday, 9 June 2015.

Meanwhile, the BSE Sensex was up 233.41 points, or 0.88%, to 26,714.66.

On BSE, so far 7,227 shares were traded in the counter, compared with an average volume of 84,966 shares in the past fortnight.

The stock hit a high of Rs 385 and a low of Rs 380 so far during the day. The stock hit a 52-week high of Rs 417 on 27 May 2015. The stock hit a 52-week low of Rs 346.30 on 26 May 2015.

The mid-cap company has an equity capital of Rs 51.31 crore. Face value per share is Rs 10.

PNC Infratech announced that total contract cost of the said project is Rs 167.25 crore. In response to the bids invited by Military Engineering Services, Government of India, three firms including PNC Infratech submitted their bids on 1 June 2015 for the project. The price bids were opened on Monday, 8 June 2015, with PNC's bid being the lowest.

The company's order book in terms of total value of contracts including escalation was Rs 7849.70 crore as on 31 March 2015, of which the outstanding contracts pending execution are valued at Rs 3444.76 crore.

PNC Infratech's shares were listed on the exchanges on 26 May 2015.

PNC Infratech's net profit fell 12.5% to Rs 66.94 crore on 11.6% drop in total income to Rs 1156.19 crore in the year ended 31 March 2015 (FY 2015) over the year ended 31 March 2014 (FY 2014).

PNC Infratech is the front ending infrastructure construction, development and management companies in the country, with wide experience and proven expertise in the execution of major infrastructure projects, including highways, bridges, flyovers, power transmission lines, airport runways, industrial area development and other infrastructure activities.

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