PNC Infra shares rally over 12% on receiving early completion bonus for UP project

PNC Infratech shares gained as much as 12.37% to hit an intraday high of ₹347.9 apiece on the NSE in morning deals. More than 1.14 crore shares of the company traded on NSE. The traded value stood at ₹389.25 crore.

However the stock pares some of the early gains to trade 10.63% higher at ₹342.5 apiece on the NSE at 11.49 am.

The rally helped the stock cut losses in 2024 so far as shares are still down by over 2% year-to-date. The stock is trading around 39% down from its 52-week high level of ₹540.80 hit on May 27, 2024.

PNC Infratech to receive ₹4.42 crore as early completion bonus

PNC Infratech in a stock exchange filing said that the company has achieved provisional completion of a ₹738 crore road project two months ahead of the schedule. It has become eligible for early completion bonus to an extent of ₹4.428 crore payable to the company by NHAI along with the first annuity.

The project, with total cost of ₹738 crore, was related to four-laning of NH 530B from Gaju Village in Mathura to Devinagar Bypass with a total length of 33 km in Uttar Pradesh on HAM mode, the filing stated.

The appointed date for the project was January 2, 2023, and the revised scheduled date of completion was December 31, 2024. The company achieved the provisional completion on October 31, 2024.

PNC Infra is an infrastructure development, construction, and management company.

The company had an order book of ₹19,909 crore at the end of the September quarter against ₹15,400 crore at the end of FY24.

Of the company's 28 fund-based projects, three are BOT-Toll projects, two are BOT Annuity Projects and 23 are HAM projects.

The aggregate Bid Project Cost of 23 HAM projects is over ₹30,000 crore, which is one of the largest highway HAM project portfolios in the country.