PNC Infratech bags order worth Rs 1,412 crore; surges 17 per cent

Infrastructure developer, PNC Infratech on Thursday, informed the bourses that it has been awarded a project worth Rs 1,412 crore under hybrid annuity model (HAM), which led to nearly 17 per cent surge in the stock price of PNC.

The company has bagged this order from National Highways Authority of India (NHAI), in the state of Uttar Pradesh under Bharatmala Pariyojana. The project includes 53.95 km long four laning of Meerut Nazibabad section of NH 119 (new NH 34) from design chainage Km 11+500 (Meerut) to 39.250 (Behsuma) and from km 79.500 (Bijnor) to 105.700 (Jalalabad).

The price bids were opened on May 13, 2020, with the company's bid being the lowest (L1). The project is to be constructed in 24 months and operated for 15 years. So far, this is the eleventh hybrid annuity highway project secured by the company.

The stock of PNC Infratech, which opened gap-up at Rs 151 as against its previous close of Rs 133, surged nearly 17 per cent to touch an intraday high of Rs 155. However, later, it cooled down and at 11.31 am, it was trading at Rs 144.1, up by 8.4 per cent.