PNC Infratech gets LoA from NHAI for highway project in Uttar Pradesh

PNC Infratech announced on Friday (28 February) that it has received Letters of Award (LoA) from National Highways Authority of India (NHAI) for a Hybrid Annuity Model (HAM) project of Rs 1602 crore.

The project involves rehabilitation and up-gradation from 2 lane to 4 lane of National Highway (NH) stretch under NHDP-IVB (Bharatmala Pariyojana) for Unnao-Lalganj section of new NH-31 (old NH-232A), on HAM in Uttar Pradesh. Bid project cost is Rs 1602 crore. Construction of this project is to be completed in 30 months.

Shares of PNC Infratech fell 2.89% to Rs 171.3 on Friday. Meanwhile, the S&P BSE Sensex crashed 1448.37 points or 3.64% lower at 38,297.29.

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.

On a consolidated basis, PNC Infra's net jumped 491% to Rs 66.90 crore on an 61.2% surge in the net sales to Rs 1390.41 crore in Q3 December 2019 over Q3 December 2018.

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