PNC Infratech Shares Gain After Clinching Order Worth Rs 819 Crore
The company won the contract to build a four-lane highway in Uttar Pradesh in 24 months.
Shares of PNC Infratech Ltd. gained after the company emerged as the lowest bidder for a construction project worth Rs 819 crore.
PNC Infra bagged the order from the Ministry of Road Transport and Highways to construct a 4-lane highway from Singraur Uphar to Baranpur Kadipur Ichauli on NH-731A with paved shoulders in the state of Uttar Pradesh on Hybrid Annuity Mode.
The project is to be constructed in 24 months and operated for 15 years after construction.
Shares of the company closed 6.46% higher at Rs 282.55 apiece on Tuesday, compared with a 0.20% decline in the benchmark Nifty 50.
Total traded volume so far in the day stood at 13.9 times the 30-day average.
All of the 19 analysts tracking the company maintained a 'buy' call on the stock, according to Bloomberg. The return potential of the stock implies an upside of 43.7% over the next 12 months.