PNC Infratech advanced 1.19% to Rs 263.95 after the company bagged a new hybrid annuity highway project of value Rs 885 crore from National Highways Authority of India (NHAI).
The company has been declared the L-1 (lowest) bidder for a NHAI Project of length 32.98 kms, requiring four laning of Mathura Bypass to Gaju Village section of NH-530B in the State of Uttar Pradesh.
The project is to be executed on hybrid annuity mode for a bid project cost of Rs 885 crore.
The price bids were opened on Friday, 25 February 2022, with PNC's bid being the lowest (L1).
The project is to be constructed in 24 months and operated for 15 years post construction.
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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 declined 52.89% to Rs 82.98 crore despite an 8.84% rise in sales to Rs 1721.82 crore in Q3 FY22 over Q3 FY21.
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