PNC Infratech bags order worth Rs4384 crore; stock skids ~3%

24 Feb 2022 , 09:40 AM

In its press release, PNC Infratech Ltd., a construction engineering company, announced the winning of orders valuing Rs4,384 crore from the National Highway Authority of India (NHAI).

PNC Infra was the L1 (lowest) bidder in three new hybrid annuity modeled national highway projects of NHAI worth Rs4,384 crore.

PNC has bagged two orders under the Bharatmala Pariyojana from the NHAI — Package I and Package II — for construction of six-lane upgradable to eight-lane of Kanpur-Lucknow Expressway in Uttar Pradesh. This order values Rs2,926 crore.

The third order is to upgrade the Sonauli-Gorakhpur section of NH298 Utttar Pradesh to four lanes. The total order is worth Rs1,458 crore.

PNC states that these projects will be operative for 15 years after the construction is completed.

PNC Infratech opened in a lower circuit today at Rs259.90 against its previous closing price of Rs272.90. It is currently trading 2.89% lower at Rs265.