10 Oct , 2024 By : Debdeep Gupta
Shares of PNC Infratech Ltd surged more than 5 percent on October 10 after the infrastructure company was declared the lowest bidder by the City & Industrial Development Corporation of Maharashtra Ltd (CIDCO) for a Rs 2,091 crore infrastructure project near the upcoming Navi Mumbai Airport.
PNC Infratech announced in a regulatory filing that the project involves the integrated infrastructure development of roads that are 20 meters wide and above, along with the construction of various structures such as flyovers, minor bridges, and allied electrical works, including street lighting, under the NAINA project.
At 9:27 am, PNC Infratech shares were trading 4.7 percent higher at Rs 448.75 on the National Stock Exchange (NSE) in the previous session. The stock has risen 28 percent so far this year, outperforming Nifty's returns of around 15 percent.
In the past 12 months, the counter has rallied 20 percent. In comparison, Nifty outran with gains of around 27 percent during this period.
The project is expected to be executed in a completion period of 1,460 days, accounting for the monsoon season. PNC Infratech stock has been in the spotlight this year on account of several contract wins and payment settlements.
Earlier in August, PNC Infratech was declared the lowest bidder for a highway and bridge construction project worth Rs 380 crore in Uttar Pradesh and Bihar.
In May, PNC Infratech said its subsidiary, PNC Kanpur Highways Ltd received a payment of Rs 390.62 crore from the National Highways Authority of India (NHAI) as part of a settlement agreement.
This payment, made under the Government of India's Vivad Se Vishwas II (Contractual Disputes) Scheme, was executed on May 9. The total settlement amount agreed upon was Rs 398.60 crore, from which tax deductions at source (TDS) were applied, resulting in the net receipt of Rs 390.62 crore, PNC Infratech informed.
In the quarter ended June 2024, PNC Infratech logged a 168 percent year-on-year jump in net profit to Rs 421 crore. Its revenue from operations, however, slipped to Rs 1,744 crore from Rs 1,861 crore in the year-ago period.
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