PNC Infratech secures order worth Rs 1,412 crore; stock shines

PNC Infratech Limited informed the bourses on Wednesday that it has been declared as the L1 (lowest) bidder for NHAI project of 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), in the state of Uttar Pradesh under ‘Bharatmala Pariyojana’ on hybrid annuity model (HAM) for Rs 1,412.0 crore.

The company further said that the four firms participated in the bidding and the price bids were opened on May 13, 2020 with PNC’s bid being the lowest (L1). Besides, the project is to be constructed in 24 months and operated for 15 years post construction. This is the eleventh hybrid annuity highway project secured by the company so far.

The stock of PNC Infratech reacted positively to this development and locked in at an upper circuit of Rs 115.65 apiece, up by nearly five per cent. But later it cooled down and at 11.57 hours it was trading at Rs 113, up by nearly 2.6 per cent 

PNC Infratech Limited is one of the premiere construction company, engaged in the construction of highways, runways, bridges, flyovers, power transmission lines. The company has a track record of successfully executing several construction projects on time.