PNC Infratech rose 3.05% to Rs 500.10 at 12:25 IST on BSE after the company said its wholly owned subsidiary successfully commissioned the project of two-laning of Raebareli-Jaunpur section of NH-231 more than 3 months ahead of schedule.
The announcement was made during market hours today, 23 March 2016.Meanwhile, the BSE Sensex was down 124.84 points, or 0.49%, to 25,205.65.
On BSE, so far 533 shares were traded in the counter, compared with an average volume of 6,175 shares in the past one quarter. The stock hit a high of Rs 510.30 and a low of Rs 485 so far during the day. The stock hit a record high of Rs 558 on 5 January 2016. The stock hit a record low of Rs 346.30 on 26 May 2015. The stock had underperformed the market over the past one month till 22 March 2016, dropping 6.63% compared with 6.48% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 9.92% as against Sensex's 1.02% fall.
The mid-cap company has an equity capital of Rs 51.31 crore. Face value per share is Rs 10.
PNC Raebareli Highways, a wholly owned subsidiary of PNC Infratech, has successfully commissioned the project of two-laning of Raebareli-Jaunpur Section of NH-231 more than 3 months ahead of schedule. PNC was awarded the project for two-laning with paved shoulders of the Raebareli to Jaunpur Section of NH-231 in the state of Uttar Pradesh under National Highways Development Project (NHDP) IV on build, operate and transfer (BOT) (annuity) basis. The total project cost was Rs 837.40 crore and the concession period is 17 years from the appointed date including construction period of 2 years. The project has been completed on 27 February 2016, more than 3 months prior to the scheduled completion date of 2 June 2016. PNC received the completion certificate to this effect on 22 March 2016.
On achieving the commercial operations date (COD), PNC becomes entitled to receive semi annual (half yearly) annuity of Rs 64.30 crore each during the remaining 15 years of the concession period, including proportionate amount of bonus annuity for early completion in terms of the concession agreement. With the commissioning of this project, PNC's entire portfolio of 7 BOT and OMT projects is now operational.
On consolidated basis, PNC Infratech's net profit rose 38.6% to Rs 26.82 crore on 36.3% rise in net sales to Rs 623.37 crore in Q3 December 2015 over Q3 December 2014.
PNC Infratech is an infrastructure construction, development and management company, with expertise in execution of major infrastructure projects, including highways, bridges, flyovers, airport runways, power transmission lines, development of industrial areas and other infrastructure activities.
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