PNC Infratech Jumps 8% on Highway Project Worth Rs 819 Crore

  • Stock Market News
PNC Infratech Jumps 8% on Highway Project Worth Rs 819 Crore

By Malvika Gurung -- Shares of the construction engineering firm PNC Infratech (NS: PNCI ) zoomed 8.14% in early trade on Tuesday to hit the session’s high at Rs 286.7 apiece and were last seen trading 6.7% higher at Rs 282.65 apiece.

PNC Infratech’s shares jumped after the company‘s latest announcement that it has been declared as the lowest bidder for a highway construction project worth Rs 819 crore by the Ministry of Road Transport & Highways (MORT&H).

The company has been selected as the L-1 bidder by the MORT&H in a project named, “Construction of 4-lane highway from Km 49.155 to Km 74.700 (Singraur Uphar to Baranpur Kadipur Ichauli) of NH-731A with paved shoulders (i/c Ganga Bridge) in the state of Uttar Pradesh on Hybrid Annuity Mode (Package-III)”.

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 said.

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