Road construction company PNC Infratech share price registered a massive 13 percent rally on February 23, following orders of Rs 4,384 crore from the National Highway Authority of India.
The company is declared the L1 (lowest) bidder in three new hybrid annuity modelled national highway projects of NHAI for a total project cost of Rs 4,384 crore.
PNC has bagged two orders - Package I and Package II - for construction of six-lane upgradable to eight-lane of Kanpur-Lucknow Expressway in Uttar Pradesh. The total order value stands at Rs 2,926 crore. These two projects are under the Bharatmala Pariyoiana.
The third order it bagged is for four-laning of Sonauli-Gorakhpur section of NH298 in Uttar Pradesh, says the company. The job is worth Rs 1,458 crore.
PNC says these projects will be operated for 15 years after the completion of construction.
Overall, this was the second order received by the company in 2022. In January, a PNC joint venture with SPML Infra had received order for three EPC projects worth Rs 2,337 crore for rural water supply in Uttar Pradesh.
The stock was trading at Rs 268.50 on the BSE, up 9.55 percent with a market capitalisation of Rs 6,888 crore, at 2:49pm.
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