PNC Infratech surges 5% on bagging Rs 2,159 crore contract in UP

NEW DELHI: Shares of PNC Infratech advanced as much as 5 per cent on Tuesday after the company informed bourses that it has bagged Rs 2,159 crore contract for six-laning a highway stretch in Uttar Pradesh.

The scrip gained 5.03 per cent to close at Rs 142.90 on BSE. Shares of the company opened at Rs 146.90 and touched a high and low of Rs 152 and Rs 142, respectively.

“PNC Infratech Ltd has been declared the L1 (lowest) bidder for NHAI project of 145 km long six-laning of Chakeri -Allahabad section of NH 2...to be executed on Hybrid Annuity Mode for a bid project cost of Rs 2,159 crore,” the company said in a BSE filing.

This is the fifth hybrid annuity project won by the company having construction period of 2-1/2 years and operation period of 15 years, it added.

The stock had hit 52-week high of Rs 168.50 on April 25, 2017 and 52-week low of Rs 98.70 on November 15, 2016.