PNC Infratech rose 1.67% to Rs 115.75 at 14:07 IST on BSE after the company was declared the lowest bidder in two hybrid annuity highway projects worth Rs 2720 crore.
The announcement was made during trading hours today, 24 March 2017.Meanwhile, the S&P BSE Sensex was up 160.82 points, or 0.55% to 29,492.98.
On the BSE, 9.13 lakh shares were traded in the counter so far, compared with average daily volumes of 87,372 shares in the past one quarter. The stock had hit a high of Rs 117.20 and a low of Rs 112.70 so far during the day. The stock hit a record high of Rs 134.90 on 25 August 2016. The stock hit a 52-week low of Rs 98 on 28 March 2016.
The stock had outperformed the market over the past one month till 23 March 2017, rising 12.17% compared with 1.62% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 9.84% as against Sensex's 12.64% rise.
The small-cap company has equity capital of Rs 51.31 crore. Face value per share is Rs 2.
PNC Infratech said it was declared the L1 (lowest) bidder in two hybrid annuity highway projects of National Highways Authority of India (NHAI) for an aggregate bid project cost of Rs 2720 crore.
The two projects are the four laning of different sections of the Jhansi-Khajuraho section of National Highway 75/76. While the project cost for the first 76 kilometers is Rs 1410 crore, the cost of the other section is Rs 1310 crore.
Upon securing of the above two projects, PNC Infratech has won total four hybrid annuity highway projects so far.
On a consolidated basis, net profit of PNC Infratech rose 70.28% to Rs 59.36 crore on 27.37% decline in net sales to Rs 532.93 crore in Q3 December 2016 over Q3 December 2015.
PNC Infratech is an infrastructure construction, development and management company, with expertise in execution of major infrastructure projects, including highways, bridges, flyovers, airport runways, power transmission lines, development of industrial areas and other infrastructure activities.
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