Shares of PNC Infratech rose 11% after the company emerged as the lowest bidder for two engineering, procurement and construction (EPC) road projects for Maharashtra State Road Development Corporation (MSRDC) worth a total of ₹4,994 crore.
What Happened: PNC Infratech said in a regulatory filing it has won 2 EPC projects from MSRDC. For the first project, the company has to construct an access-controlled Ring Road in Pune District. This project has a cost of ₹2,486 crore.
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The second project is the construction of access controlled expressway connector to Hindu Hrudaysamrat Balasaheb Thackeray Maharashtra SarnrLrddhi Mahamarg from Jalna to Nanded in the State of Maharashtra. This project is worth ₹2,508 crore. Both projects are slated to be completed within 30 months.
PNC Infratech is expected to announce its March quarter results on May 24.
In March, the company had won projects worth around ₹3000 crore.
Price Action: Shares of PNC Infratech gained 11% to ₹511 on Wednesday.
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