PNC Infratech gains on declaring appointed date for highway project

PNC Infratech rose 1.38% to Rs 238.75 after the company said it received appointed date for one of its EPC projects from National Highways Authority of India (NHAI).

The project entails construction of eight lane access controlled expressway starting from Junction with NH-47 near Bhamaiya Village and ending at Junction with SH-175 in Baletiya Village in Panchmahal District Section of Delhi - Vadodara Greenfield Alignment (NH-148N) on EPC mode under Bharatmala Pariyojana in Gujarat for a contract value of Rs 748 crore.

The appointed date for the project is 17 April 2021.

Appointed date is the de facto starting date of a project, when the NHAI hands over its contract letter to a developer or concessionaire.

On a consolidated basis, PNC Infratech's net profit jumped 159.5% to Rs 167.90 crore on a 13.8% rise in net sales to Rs 1,582.02 crore in Q3 FY21 over Q3 FY20.

PNC Infratech is engaged in 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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