PNC Infratech advanced 3.74% to Rs 297.85 after the company announced the signing of a concession agreement with National Highways Authority of India (NHAI) for a HAM Project worth Rs 1,458 crore.
The agreement was signed between NHAI and Sonauli Gorakhpur Highways, a special purpose vehicle incorporated by the company for implementation of the said project.The project involves four laning of Sonauli - Gorakhpur section of NH-29E on hybrid annuity mode in the state of Uttar Pradesh. The length of this construction is 79.54 kilometer and the cost of this project is Rs 1,458 crore.
The project is to be constructed in 24 months, upon declaration of appointed date and operated for 15 years, post construction.
PNC Infratech is engaged in infrastructure development through the construction of highways including BOT (built, operate and transfer projects), airport runways, bridges, flyovers and power transmission projects among others.
The company's consolidated net profit jumped 104.3% to Rs 240.66 crore on a 40.4% rise in net sales to Rs 2,052.88 crore in Q1 FY23 over Q1 FY22.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
