BackPNC Infratech jumps 16% on receipt of LoA for NHAI project
PNC Infratech has received the LoA from National Highways Authority of India for 53.95 km long four-laning of Meerut - Nazibabad section of NH-119
PremiumMUMBAI: Shares of PNC Infratech surged 16.5% on Friday after the company said it has received a Letter of Award (LOA) from National Highway Authority of India for a project worth ₹1,412 crore.
At 1100 am, the stock traded at ₹144.20, up 8.4% from previous close, while the benchmark Sensex was up 0.4% at 34,971.53. The stock has declined over 24.7% since the beginning of the year but is up 78.3% from its March lows.
PNC Infratech has received the LoA from National Highways Authority of India for 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 Uttar Pradesh on hybrid annuity mode under the Bharatmala Pariyojana scheme.
The project has to be completed in 24 months and operated for 15 years post construction. This is the eleventh hybrid annuity highway project secured by the company so far.
Meanwhile, for the quarter ended March, PNC Infratech reported 45.6% year-on-year drop in its standalone net profit to ₹76.08 crore. Sales rose 7.65% to ₹1,157.95 crore.
PNC Infratech are front ending infrastructure construction, development and management companies in the country, with expertise in the execution of major infrastructure projects.
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