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PNC Infratech share gains 16% after bagging NHAI project

PNC Infratech share price opened with a gain of 13.53% at Rs 151 against previous close of Rs 133


twitter-logoBusinessToday.In | June 26, 2020 | Updated 17:51 IST
PNC Infratech share gains 16% after bagging NHAI project
PNC Infratech share price rose 16.54% to intra day high of Rs 155 on BSE. The share trades higher than than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages

PNC Infratech share price gained in trade today after the firm said it has received letters of award from National Highways Authority of India (NHAI) for a project worth Rs  1,412 crore. After the positive news, the stock opened with a gain of 13.53% at Rs 151 against previous close of Rs 133.

It rose 16.54% to intra day high of Rs 155 on BSE. The share stands higher than than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages. The stock closed 4.62% higehr at Rs 139.15 on BSE.

The stock has lost 31.16% in one year and fallen 27.39% since the beginning of this year.

In a month, the stock has gained 35.23%. The stock closed 4.62% higher at Rs 139.15 on BSE. Market cap of the firm rose to Rs 3,569 crore.

Total 0.93 lakh shares changed hands amounting to turnover of Rs 1.35 crore.

"PNC  Infratech  Limited  announces  receipt  Letter  of  Award (LOA) on  June  24,  2020  for  a  NHAI  Project  of  53.95  km  long  Four-laning  of  Meerut -Nazibabad section of NH-119 (New NH-34) from design chainage Km 11+500 (Meerut) to 39.250  (Behsuma)  and  from  km  79.500  (Bijnor)  to  105.700  (Jalalabad),  in  the  state  of Uttar  Pradesh  under  Bharatmala  Pariyojana  on  Hybrid  Annuity  Mode  (HAM)  for  Rs. 1412.0 crore. The price  bids were opened on  Wednesday, May 13, 2020, with PNC's  bid being the lowest (L1),"  the firm said.

For the quarter ended March 2020, PNC Infratech logged a 45.6% year-on-year fall in its standalone net profit to  Rs 76.08 crore. Sales rose 7.65% to  Rs 1,157.95 crore.

PNC Infratech is an infrastructure construction, development and management company. It is primarily engaged in the areas of infrastructure projects, including highways, bridges, flyovers, power transmission lines, airport runways and other infrastructure activities. The company's segments include EPC Contract and BOT (Toll and Annuity). It offers end-to-end infrastructure implementation solutions that include engineering, procurement and construction (EPC) services.

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