Here's why PNC Infratech stock price gained 3% on August 28; details here

PNC Infratech shares rise: Shares of PNC Infratech zoomed as much as 2.97 per cent to hit an intraday 472 per share on Wednesday, August 28, 2024.

The PNC Infratech stock soared after the company announced that it has emerged as the lowest bidder (L-1) for a project worth Rs 380 crore. 

In an exchange filing, PNC Infratech said, “We are pleased to inform you that our company has been declared L1 (First Lowest) bidder in a highway cum bridge project namely "Construction of additional 3-Lane Bridge over River Canga for connection between Buxar and Bharauli on NH-922 in the State of Uttar Pradesh and Bihar on Hybrid Annuity Mode (HAN[)" on August 27, 2024 for a bid project cost of Rs 380 crore.”

Under the terms of the order, PNC Infratech will be responsible for the construction of an additional 3-lane bridge over River Ganga for connection between Buxar and Bharauli on NH-922 in the Uttar Pradesh and Bihar on Hybrid Annuity Mode (HAM).

The company will be required to complete the construction in 910 days. The operation period, however, is 15 years post construction, the company said. 

Founded in 1989, PNC Infratech Limited, based in Agra, is a leading infrastructure investment, development, construction, operation, and management company in India. 

The firm undertakes a wide range of infrastructure projects, including roads, highways, bridges, flyovers, power transmission lines, airport runways and pavements, rural drinking water supply, irrigation, industrial area development, rail freight corridors, and other related projects. 

PNC Infratech offers comprehensive infrastructure solutions, including engineering, procurement, and construction services, on both a fixed-sum turnkey basis and an item rate basis. 

The company executes projects using various models such as design-build-finance-operate-transfer, operate-maintain-transfer, hybrid annuity model, and other public-private partnership formats. Originally known as PNC Construction Company Limited, the company rebranded to PNC Infratech Limited in August 2007.

The market capitalisation of PNC Infratech is 11,862.37 crore, according to Bombay Stock Exchange (BSE). The company falls under the BSE500 category.

The 52-week high of PNC Infratech stock is Rs 574.50 per share while its 52-week low is Rs 310.05 apiece. 

At 10:56 AM, shares of PNC Infratech were trading 0.88 per cent higher at Rs 462.40 per share. In comparison, BSE Sensex was trading 0.01 per cent lower at 81,704.18 levels.