PNC Infratech rises after bagging project

PNC Infratech rose 1.13% to Rs 178.90 at 10:28 IST on BSE after the company said it was declared lowest bidder for Nagpur-Mumbai Expressway project worth Rs 2099.52 crore.

The announcement was made after market hours yesterday, 31 May 2018.

Meanwhile, the S&P BSE Sensex was up 50.41 points, or 0.14% to 35,372.79.

On the BSE, 19,000 shares were traded in the counter so far compared with average daily volumes of 29,000 shares in the past two weeks. The stock had hit a high of Rs 182 and a low of Rs 178.45 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 has been declared the L1 (lowest) bidder for the 54.40 km long 4th package of Nagpur-Mumbai Six Lane Access Controlled Super Communication Expressway (Maharashtra Samruddhi Mahamarg) on engineering procurement construction (EPC) basis for a quoted price of Rs 2099.52 crore. The price bids were opened on 31 May 2018, with PNC's bid being the lowest (L1). Maharashtra State Road Development Corporation (MSRDC) is the proponent for this 700 km long Green Field Expressway project comprising 16 individual packages. Construction of the project is to be completed in 30 months.

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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