PNC Infratech shares gain 7% on highway project win

NEW DELHI: Shares of PNC Infratech advanced as much as 7 per cent in early trade on Tuesday after the company informed bourses that it was declared as the lowest bidder for a highway project in Karnataka.

The scrip was trading 4.22 per cent up at Rs 104.95 around 9.56 am (IST). Shares of the company opened at Rs 106 and touched a high and low of Rs 107.80 and Rs 104.15, respectively, in trade so far. Benchmark BSE Sensex was down 4.81 points, or 0.02 per cent, at 29,043.38.

In a BSE filing, the company said, “PNC Infratech Limited has been declared the L1 (lowest) bidder for NHAI project of six laning Chitradurga - Davanagere including Chitradurga bypass, design chainage km 0.000 to Km 20.700 and Km 208.000 to km 260.000 of NH 48 (Old NH-4) in the state of Karnataka under NHDP V, to be executed on hybrid annuity mode for a bid project cost of Rs 1434 crore.”

Four firms participated in the bidding and the price bids were opened on Monday, March 6, 2017, with PNC’s bid being the lowest (L1). This is the second hybrid annuity project won by PNC having a construction period of 2.5 years and operation period of 15 years.