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.This Tata Group stock has tripled in 3 months, did you miss the rally?