PNC Infratech surged 15.29% to Rs 526.60 after it has been declared as L1 (lowest) bidder for two EPC road projects of Maharashtra State Road Development Corporation (MSRDC) for an aggregate price of Rs 4,994 crore.
The first project includes construction of access controlled Pune Ring Road in Pune district package PRR E2 from lndori to Chirnbali in Maharashtra on EPC Mode. The cost of the project is Rs 2,486 crore.The subsequent project comprises of construction of access controlled expressway connector to Hindu Hrudaysamrat Balasaheb Thackeray Maharashtra Samruddhi Mahamarg from Jalna to Nanded in Maharashtra on EPC Mode from Kurnbhari to Katneshrvar in District Parbhani. The cost of the project is Rs 2,508 crore.
The construction period for both the projects is 30 months.
PNC Infratech (PNCIL) is engaged in India's infrastructure development through the construction of highways including BOT (built, operate and transfer projects), airport runways, bridges, flyovers and power transmission projects among others. The Company provides end-to-end infrastructure implementation solutions, including EPC services on a fixed-sum turnkey basis.
The companys consolidated net profit jumped 32.4% to Rs 185 crore on 13.5% increase in net sales to Rs 2046.64 crore in Q3 FY24 over Q3 FY23.
The scrip hit an all time high of Rs 535.40 on the BSE.
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