PNC Infratech gains 5 per cent on receiving final arbitration

PNC Infratech’s wholly-owned subsidiary company, PNC Delhi Industrialinfra has received the realization of Rs. 145.63 crore on Friday from Delhi State Industrial & Infrastructure Development Corporation (DSIIDC).

This was for the final arbitration award published in its favour for the project of ‘Redevelopment & Management of Narela Industrial Estate in Delhi’ on November 17, 2018.

Earlier in January 2018, PNC Delhi Industrialinfra had received Rs. 43.00 crore as an interim award from DSIIDC in the same matter. So, the total arbitration award received reaches Rs. 188.63 crore. Out of the total amount Rs. 129.00 crore awarded towards the six outstanding annuities and Rs 59.63 crore awarded towards interest and other claims.

As on December ended quarter, PNC's order book stood at Rs. 7,970 crore which gives good revenue visibility for the next 2-3 years.

On Monday, the stock of PNC Infratech opened at Rs. 158.10 and made an intraday high of Rs. 164, up by 5 per cent from its previous close.