Shares of PNC Infratech Limited surged over 6 percent to Rs 485 apiece, a new 52-week high, on May 22 after it was declared as the lowest bidder (L1) for two EPC projects of Maharashtra States Road Development Corporation (MSRDC) worth Rs 4,994 crore.
The company has been awarded the project for constructing the access-controlled Pune Ring Road in Pune District. This project covers a total length of 13.8 kilometres. The second order pertains to constructing the Access Controlled Expressway from Jalna to Nanded in Maharashtra.
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In January, the road infrastructure company reported selling equity stake in 12 road assets to Highways Infrastructure Trust (HIT).
The company, with its subsidiary PNC Infra Holdings, announced the execution of definitive agreements to sell its equity stake at an enterprise value of Rs 9,005.7 crore. These road assets are located in Uttar Pradesh, Madhya Pradesh, Karnataka, and Rajasthan.
In a statement, PNC said that the divestment aligns with its strategic objective of recycling capital invested in operating road assets to support the ambitious growth outlined by the Government of India for this sector.
At about 9:20 am, shares of the company were trading at Rs 478 apiece, higher by over 4 percent from the last close. The stock has rallied nearly 36 percent since the start of the year.
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