PNC Infratech shares gain nearly 2% after securing project worth Rs 380 crore

According to the company’s announcement, PNC Infratech has been declared L1 (First Lowest) bidder for the highway and bridge project involving the construction of an additional 3-lane bridge over the River Ganga.

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PNC Infratech shares rose nearly 2 percent in early trading on August 28 following the company's announcement of being the lowest bidder for a Rs 380-crore project awarded by the National Highways Authority of India (NHAI).

At 09:21am,  PNC Infratech was quoting at Rs 466.60, up Rs 8.25, or 1.80 percent, on the BSE.

According to the company’s announcement, PNC Infratech has been declared L1 (First Lowest) bidder for the highway and bridge project involving the construction of an additional 3-lane bridge over the River Ganga. This bridge will connect Buxar and Bharauli on NH-922 in Uttar Pradesh and Bihar. The project, to be executed on a hybrid annuity mode, has a bid project cost of Rs 380 crore.

The project has a construction period of 910 days, with an operational phase extending over 15 years post-construction.

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For the quarter ended June 2024, PNC Infratech reported a substantial 218% increase in net profit, reaching Rs 575.17 crore.