Shares of PNC Infratech soared over 7.5% on Tuesday as the company was declared the lowest bidder for a highway construction project.
What Happened: The construction company on Monday announced that it was declared as the lowest bidder for a Ministry of Road Transport & Highways highway project in Uttar Pradesh. The project is to construct a 4-lane highway from Km 49.155 to Km 74.700 of NH-73IA with paved shoulders. The cost of the project is ₹819 crore.
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The company is supposed to complete the project in 24 months and operate it for 15 years. The company last week announced receiving a ‘Notification of Intention to Award’ for ₹770 crore railway project. The project is supposed to be completed in 30 months.
The company has won three more highway projects this month worth over ₹3,000 crore.
Price Action: PNC Infratech shares were up 6.37% to trade at ₹282.30 in the early hours of trading on Tuesday.
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