Shares of PNC Infratech were upbeat on Wednesday after the company won a ₹380 crore order from the National Highways Authority of India (NHAI).
What Happened: PNC Infratech emerged as the lowest bidder for a highway cum bridge project in the state of Bihar and Uttar Pradesh. The company will construct an additional three-lane bridge over the river Ganga, connecting Buxar and Bharauli along National Highway 922 in Uttar Pradesh and Bihar.
The construction will be done in hybrid annuity mode where NHAI pays 40% of total expenditure and this payment will be released in 10 equal instalments after completing milestones in the project. The rest of the expenses will be funded by the road developer.
See Also: Jio Financial Services Ups Stake In Jio Payments Bank
The constrcution will be done in 910 days and the operation period of the bridge is expected to be 15 years after the construction.
In its Q1 results, the company saw its net profit more than triple to ₹ 575.17 crore from the previous year while its revenue rose 3.62% year on year to ₹2,167.51 crore. The company had an unexecuted order book of ₹19,098 crore as of June 2024.
Price Action: Shares of PNC Infratech were up 1.80% to ₹466.75 on Wednesday morning.
Read Next: NBCC To Consider Bonus Share Issuance In Upcoming Board Meeting
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.