PNC Infratech climbs 9% on securing two contracts worth Rs 1,548 crore

NEW DELHI: Shares of PNC Infratech climbed 9 per cent in Friday's trade after the company secured two highway contracts worth Rs 1,547.80 crore from National Highways Authority of India (NHAI).

A part of Delhi-Vadodara Expressway, both the projects come under Bharatmala Pariyojna. They will be executed under engineering, procurement and construction (EPC) mode, PNC Infratech told stock exchanges.

Following the development, the stock rose 8.86 per cent to hit a high of Rs 152.35 on BSE. The scrip has gained 22.44 per cent in the last one month, but is still down 20.32 per cent year-to-date.

The projects include construction of eight lane access controlled expressway starting from NH-47 near Bhamaiya village to SH-175 in Baletiya village in Panchmahal District section of Delhi-Vadodara Greenfield Alignment (NH-148N) in Gujarat for a contract value of Rs 758.40 crore, it said.

The second project pertains to construction of eight lane access controlled expressway from Pratap Nagar village to Dodka village of Vadodara District section of Dellhi-Vadodara Greenfield Alignment (NH-148N) in Gujarat for a contract value of Rs 789.40 crore, the statement added.

The completion schedule for both the projects is 24 months, the company said. Bids for the projects were submitted by the company on January 11, 2020.

Meanwhile, the company informed stock exchanges that rating agency Care Ratings has reaffirmed long-term credit rating on the Rs 63.77 crore bank facilities of its subsidiary PNC Delhi Industrialinfra at CARE BBB+ while revising its outlook to stable from positive.