Shares of PNC Infratech rose 3 percent in early deals on March 10 after the company announced that it has been declared as the lowest bidder for two highway projects of National Highways Authority of India (NHAI) with an aggregate bid project cost of Rs 2,004.43 crore.
At 9:26 am, shares of the company were trading at Rs 292.45 apiece, up 2.15 percent, on the BSE, while the benchmark Sensex was down 801.91 or 1.34 percent at 59,004.37.
The first project which is worth Rs 891 crore is for construction of six-lane greenfield Varanasi-Ranchi-Kolkata highway from junction with Chandauli-Chainpur road to Junction with Bhabhua-Adhaura road for 27 km length. The other project worth Rs 1,113.43 crore is for construction of six-lane greenfield Varanasi-Ranchi-Kolkata highway from junction with Bhabhua-Adhaura road to Konki village for 36 km length.
Both the projects are awarded under Bharatmala Pariyojana in Bihar and are on Hybrid Annuity Mode basis.
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For PNC Infratech, Road Engineering, Procurement and Construction (EPC) projects constitute 58 percent of its total order-book, as per its latest investor presentation.
Meanwhile, revenue from toll and annuity projects forms 18 percent of the company’s total revenue in the first nine months of FY23 whereas the rest comes from EPC projects.
PNC Infratech is an infrastructure construction, development, and management company with expertise in execution of projects including highways, bridges, flyovers, airport runways, industrial areas, and transmission lines.
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