PNC Infratech emerges lowest bidder for project of Rs 2091-cr; shares up 7%

The PNC Infratech share soared after the company announced that it has been declared at the lowest bidder for a project of Rs 2,090.59 crore from CIDCO

PNC Infratech share price: Construction major PNC Infratech shares surged up to 6.98 per cent to hit an intraday high of Rs 458.80 per share on Thursday, October 10, 2024. 

The PNC Infratech share soared after the company announced that it has been declared at the lowest bidder for a project of Rs 2,090.59 crore from City & industrial Development Corporation of Maharashtra Limited (CIDCO)

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 EPC project on item rate percentage namely "Integrated Infrastructure Development of 20M & above wide Roads, Construction of Various Major & Minor Structures (Viz Flyover, Minor Bridges, VUPS, PUPS etc.) and Allied Electrical Works (Street Light) in TPS -8,9 and TPS-12 under NAINA Project" on October 9, 2024, for a quoted price of Rs 2090.59 crore."
 

The company will undertake Engineering, Procurement, and Construction (EPC) responsibilities for the Integrated Infrastructure Development of roads that are 20 metres and wider. This includes the construction of various major and minor structures, such as flyovers, minor bridges, VUPS, and PUPS, along with associated electrical works like street lighting, under the NAINA Project in TPS-8, 9, and 12.

The project is anticipated to be completed within 1,460 days, which includes the monsoon season, PNC Infratech said.

PNC Infratech Limited (PNCIL) specialises in infrastructure development, construction, operation, and management. The firm undertakes a diverse range of projects, including highways, bridges, flyovers, airport runways, power transmission lines, water supply systems, and industrial area development.

Established in 1999, as PNC Construction Company Private Limited, the company transitioned to a limited entity in 2001 and was rebranded as PNC Infratech Limited in 2007. 

PNC Infratech offers comprehensive infrastructure implementation solutions, providing services that encompass design, engineering, procurement, construction, and operations and maintenance (O&M).

PNC Infratech’s market capitalisation is Rs 11,495.5, according to BSE. The company falls under the BSE 500 category. 

At 9:29 AM, PNC Infratech shares were trading 4.49 per cent higher at Rs 448.10 per share. In comparison, BSE Sensex was trading 0.23 per cent higher at 81,652.67 levels.