PNC Infratech surged 5.88% to Rs 169.35 at 10:48 IST on BSE after the company received Letter of Acceptance for Package 4 of Nagpur-Mumbai Super Communication Expressway.
The announcement was made after market hours yesterday, 30 August 2018.Meanwhile, the S&P BSE Sensex was down 9.54 points, or 0.02% to 38,680.56
On the BSE, 62,000 shares were traded in the counter so far compared with average daily volumes of 22,000 shares in the past two weeks. The stock had hit a high of Rs 175 and a low of Rs 168.50 so far during the day. The stock hit a record high of Rs 228.40 on 26 December 2017. The stock hit a 52-week low of Rs 130 on 12 September 2017.
PNC Infratech said that the company has received of Letter of Acceptance (LOA) from Maharashtra State Road Development Corporation (MSRDC) for the 54.4 km long fourth Package of Nagpur-Mumbai Six Lane Super Communication Expressway (Maharashtra Samruddhi Mahamarg) from Km. 162.667 to Km. 217.023, on EPC basis for a negotiated contract quoted price of Rs 1999.52 crore on 30 August 2018. Construction of the project is to be completed in 30 months.
Net profit of PNC Infratech rose 243.91% to Rs 102.52 crore on 106.22% rise in net sales to Rs 735.50 crore in Q1 June 2018 over Q1 June 2017.
PNC Infratech provides end-to-end infrastructure implementation solutions that include engineering, procurement and construction (EPC) services.
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