Civil construction stock gains 7% in trade after bagging order from NHPC

PNC Infratech's stock jumped after the company emerged as one of the lowest (L1) bidders in a tender floated by NHPC

PNC Infratech shares jumped 6.6 per cent on Thursday, logging an intraday high at ₹331.8 per share on the National Stock Exchange (NSE). At 12:56 PM, PNC Infra share price was trading 3.89 per cent higher at ₹323.35 per share on the NSE. In comparison, the NSE Nifty was down 0.14 per cent at 25,177.35. The company's market capitalisation stood at ₹8,295.19 crore. 

 

The 52-week high of the stock was at ₹534.4 per share, and the 52-week low of the stock was at ₹240 per share.   READ STOCK MARKET LATEST UPDATES LIVE

What led to the surge in PNC Infra shares? 

The stock jumped after the company emerged as one of the lowest (L1) bidders in a tender floated by NHPC. 

 

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Under the contract, PNC Infra will set up a 300 MW solar power project with a 150MW/600MWh energy storage system. This is part of a larger 1200 MW interstate solar project tender under tariff-based competitive bidding, awarded at a price of ₹3.13/kWh.

 

"We wish to inform you that our company has emerged as one of the Lowest (Ll) Bidders in a tender floated by NHPC Limited for "Setting up of 1200 MW ISTS (Inter State Transmission System) Connected Solar Power Projects with 600MW/2400MWh Energy Storage Systems (ESS) on anywhere in India basis under Tariff Based Competitive Bidding (TBCB) with Green Shoe Option" at a quoted price of Rs. 3.13/kwh," the filing read. 

 

It added: Out of the above-mentioned total quantity, the company has been allotted 300 MW ISTS Solar Power Project with 150MW600MWh Energy Storage System (ESS) at the said quoted price through an electronic (online) reverse action mechanism. 

 

The order is scheduled to be executed in 24 months from the effective date of the Power Purchase Agreement (PPA). The PPA will remain in effect for 25 years from the start of supply.  ALSO READ | ₹46-crore contract sends Asian Energy Services share price 6% higher today

About PNC Infratech

PNC Infratech Limited is an Indian infrastructure company. The firm specialises in end-to-end development, construction, operation, and management across core infrastructure sectors. The company has executed projects in core infrastructure sectors, including expressways, highways, bridges, flyovers, airport runways, water supply, industrial area development, and other infrastructure activities with an established track record of successful execution of projects across geographies.