Why PNC Infratech Shares Are Surging Today

Shares of PNC Infratech jumped another 3% as the markets opened on Tuesday as the construction company announced bagging another government contract.

What Happened: The company on Tuesday announced that it was declared the lowest bidder for another National Highways Authority of India’s (NHAI) highway project. The project is for the construction of a 6-lane Greenfield Varanasi-Ranchi-Kolkata Highway from Pachmon village to Anarbansalea village.

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The ₹1,260 crore project comes under the Bharatmala Pariyojana in the state of Bihar. The project is to be completed in 24 months and operated for 15 years after construction.

The company had just last week won two more highway projects. The over ₹2000 crore projects were also under the  Bharatmala Pariyojana in the state of Bihar. The news is expected to provide fuel to the stock that has been reeling at the share market since its Q3 results came out.

Price Action: Shares of PNC Infratech traded 3.39% higher at ₹294.30 as the markets opened on Wednesday.

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Posted In: government contractshighwaysPNC Infratech