PNC Infratech advanced 2.16% to Rs 290.80 after the company said that it has been declared as the lowest (L1) bidder for a highway project from National Highways Authority of India (NHAI) for bid project cost of Rs 1,260 crore.
The scope of first project entails construction of six-lane greenfield Varanasi-Ranchi-Kolkata highway from Pachmon village to Anarbansalea village, 'package 6' under Bharatmala Pariyojana in the state of Bihar on Hybrid Annuity Mode.The bid project cost is Rs 1,260 crore. Price bids were opened on Tuesday, 14 March 2023, with PNC's bid being the lowest (L1).
The project is 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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