PNC Infra has bagged the order from the ministry for constructing a four-lane highway from Singraur Uphar to Baranpur Kadipur Ichauli in Uttar Pradesh under hybrid annuity mode, the company informed the bourses.
“PNC Infratech has been declared the L1 (lowest) bidder for a Highway Project namely ‘construction of a 4-lane highway from Km 49.155 to Km 74.700 (Singraur Uphar to Baranpur Kadipur Ichauli) of NH-731A with paved shoulders in the state of Uttar Pradesh on hybrid annuity mode,” the company said in an exchange filing.
Following the announcement, shares of PNC Infratech jumped about 8 per cent to Rs 286.30 on Tuesday, before trading at Rs 282 at 11.45 am. The scrip had settled at Rs 265.40 on Monday. The company was commanding a market cap close to Rs 7,250 crore.
Shares of PNC Infra have advanced about 15 per cent in the last six months, whereas the stock is 20 per cent up in the last one year. However, the civil construction firm’s stock is down about 10 per cent on a year-to-date basis so far.
As per the details of the highway project, it is to be constructed in 24 months and operated for 15 years after construction. Price bidding for the said project was opened on Monday, March 27, 2023, and PNC Infratech was selected as the L1 bidder, the company’s filing said.
Prior to this, the company recently bagged multiple orders from the National Highway Authority of India (NHAI) in states like Bihar and Uttar Pradesh under a hybrid annuity model.
PNC Infratech is an Indian infrastructure construction, development and management company, with expertise in the execution of major infrastructure projects, including highways, bridges, flyovers, power transmission lines, airport runways, development of industrial areas and other infrastructure activities.