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Business News/ Markets / Stock Markets/  PNC Infratech share price skyrockets 17% to all time high being L1 bidder for two EPC road project worth 4994 Crore
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PNC Infratech share price skyrockets 17% to all time high being L1 bidder for two EPC road project worth ₹4994 Crore

Stock Market Today: PNC Infratech share price gained 17% to scale all time high during intraday trades on Wednesday . The company announced that its was L1 bidder (first Lowest bidder) for two EPC Road Project worth ₹4994 Crore

PNC Infratech share price rises more than 8% to all time highPremium
PNC Infratech share price rises more than 8% to all time high

Stock Market Today: PNC Infratech Ltd share price gained 17% in the intraday trades on Wednesday to scale all time high of 535.50 on Wednesday on the NSE.  Gains for PNC Infratech Ltd share price was led by improved revenue visibility as it announced being L1 bidder ( first lowest bidder) in two EPC (Engineering Procurement and Construction) Road Projects of MSRDC (Maharashtra State Road Development Corporation) for an aggregate quoted price of Rs. 4994 crore. 

The first project where PNC Infratech is L1 bidder is for Construction of Access Controlled Pune Ring Road in Pune District. The Package PRR E2  from lndori to Chirnbali in the State of Maharashtra on EPC Mode is worth 2486.00 Crore . The project is to be completed in 30 months by PNC Infratech.

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The second road project where PNC Infratech is L1 bidder is for Construction of Access Controlled Expressway Connector to Hindu Hrudaysamrat Balasaheb Thackeray Maharashtra Samruddhi Mahamarg from Jalna to Nanded in the State of Maharashtra on EPC Mode (Length: 28.895 Km) . The road project of Maharashtra State Road Development Corporation is worth 2508.00 crore to be completed in 30 months by PNC Infratech.

The expectations already remain strong from PNC Infratech and thereby the PNC Infratech share price has gained more than year to date. The order receipt is likely to provide boost to the order pipeline for PNC Infratech. 

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The order inflows were likely to have slowed looking at progressing general elections. The execution nevertheless was likely to have caught pace during Q4 and in the ongoing quarter. The softening input prices also were looked positively for margins. 

PNC Infratech remained among top 4 picks by Elara Securities India Pvt Ltd in the sector. During the quarter ending March, Elara estimates PNC Infratech revenues at 2317 crore growing 9.5% year-on-year and 28.5% sequentially. 

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 The net profit at 204.5 Crore is pegged to grown 10.9% year-on-year and 35.3% sequentially, helped by improvement in operating performance. The earnings before interest, tax, depreciation and amortisation are expected to rise 10.3% sequentially and 29.5% year-on-year to 310 crore during Q4 as per Elara Securities estimates .

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions

 

(more to come)

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ABOUT THE AUTHOR
Ujjval Jauhari
Ujjval Jauhari is a deputy editor at Mint, with over a decade of experience in newspapers and digital news platforms. He is skilled in storytelling, reporting, analysing and writing about stocks, investment ideas, markets, corporates and more. He is based in New Delhi.
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Published: 22 May 2024, 11:09 AM IST
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