PNC Infratech advanced 1.97% to Rs 291.95 after the company said that it has been declared as the lowest (L1) bidder for two highway projects of National Highways Authority of India (NHAI) for aggregate bid project cost of Rs 2,004.43 crore.
The scope of first project entails construction of 6-lane greenfield Varanasi-Ranchi-Kolkata highway from junction with Chandauli-Chainpur road near Khainti village to junction with Bhabhua-Adhaura road near Palka village under Bharatmala Pariyojana in the state of Bihar on hybrid annuity mode. The bid project cost is Rs 891 crore.The subsequent project includes construction of six-lane greenfield Varanasi-Ranchi-Kolkata highway from junction with Bhabhua-Adhaura road in Bhairopur village to Konki village under Bharatmala Pariyojana in the state of Bihar on hybrid annuity mode. The bid project cost is Rs 1,113.43 crore.
Both the projects are to be constructed in 24 months and operated for 15 years, post construction.
PNC Infratech is engaged in India's infrastructure development through the construction of highways including BOT (built, operate and transfer projects), HAM (Hybrid Annuity Model), airport runways, bridges, flyovers and power transmission projects, among others.
The company consolidated net profit jumped 68.3% to Rs 139.69 crore on 4.7% rise in net sales to Rs 1,803.28 crore in Q3 FY23 over Q3 FY22.
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