PNC Infratech up 16%

PNC Infratech opened 13.5% higher at Rs.151 and went on to hit an intraday high at Rs.155, surging 16.5%. It is currently the top gainer on the BSE and trading off the highs at Rs.146 levels.

The company announced yesterday evening that it has received an order for a NHAI Project of 53.95 km long, Four-laning of Meerut - Nazibabad section, worth Rs.1412 crore.

The price bids were opened on Wednesday, May 13, 2020, with PNC’s bid being the lowest (L1).

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 company, for Q4FY20 had reported a 6% (YoY) rise in consolidated revenue at Rs.1347 crore and net profit came in lower at Rs.90, down 47%.