Ircon International, PNC Infratech advance up to 9% on order wins

PNC Infratech was up 8 per cent at Rs 189 after the company in JV with SPML Infra, announced receipt of LOA for an EPC project for 10 years of Rural Water Supply Project in UP.

Shares of IRCON International, PNC Infratech, and Gayatri Projects gained up to 9 per cent on the BSE in intra-day trade on Friday after these companies announced winning orders.

IRCON International was up 9 per cent at Rs 96.05 after the company said it has been awarded the work of upgradation of Gurgaon- Palaud,-Rewari section of NH-352W (design length of 46.110 km) 35 feeder route in Haryana on Hybrid Annuity Mode valuing Rs 900 crore on competitive bidding basis by National Highways Authority of India (NHAI).

This work will be undertaken and executed by a Special Purpose Vehicle (Concessoonaire as a limited liability company) which shall be incorporated by IRCON as its whoIIy-owned subsidiary company, it said.

At 02:40 pm, the stock was up 5 per cent at Rs 92.20, as compared to a 0.01 per cent rise in the S&P BSE Sensex. The trading volumes on the counter more-than-doubled with a combined 3.8 million equity shares changing hands on the NSE and BSE.

Gayatri Projects was locked in the upper circuit of 5 per cent at Rs 36.20 after the company received three Letter of Award (LOA) for pipe drinking water schemes from Namami Gange and Rural Water Supply Department in Uttar Pradesh for a total value of Rs 1,332 crore. The company received these LOAs in a joint venture where the company's share is 97.5 per cent, for a total value of Rs 1,332 crore.

Shares of PNC Infratech were up 8 per cent to Rs 189 on the BSE in intra-day trade after the company in Joint Venture with SPML Infra, announced receipt of Letter of Acceptance (LOA) for an EPC project for 10 years of Rural Water Supply Project in 952 villages in Devipatan Division of Uttar Pradesh. The approximate value of the project is Rs 952 crore.

At the time of writing this report, the stock was trading 3 per cent higher at Rs 181, while SPML Infra was locked in the upper circuit of 10 per cent at Rs 13.23 on the BSE.