PNC Infratech shares hit 52-week high on emerging lowest bidder for road construction project worth ₹4,994 crore

PNC Infratech Ltd shares surged 17% to hit a fresh 52-week high of ₹535.5 apiece on the NSE on Wednesday, May 22, after the company announced securing contracts worth ₹4,994 crore in Maharashtra.

The company, in a filing to the stock exchanges on Tuesday, said that it has emerged as the lowest bidder (L-1 bidder) for two projects from Maharashtra State Road Development Corporation (MSRDC).

The company informed the exchanges that the two engineering, procurement and construction (EPC) projects will be completed within 30 months.

One of the projects pertains to the construction of a section of Pune Ring Road from lndori to Chirnbali in Pune district of the state. The length of the total stretch is 13.8 km. The project has an estimated value of ₹2,486 crore.

The second project involves the construction of an access controlled expressway connector to Hindu Hrudaysamrat Balasaheb Thackeray Maharashtra Sarnrurddhi Mahamarg from Jalna to Nanded in Maharashtra. The contract pertains to road construction work in Parbhani district for a total length of 28.89 km. The project cost is worth ₹2,508 crore.

In March, the company informed the exchanges about a concession agreement for the implementation of a Hybrid Annuity Mode (HAM) Project with the M.P. Road Development Corporation Ltd (MPRDC). As per the agreement PNC Infratech will construct the Bhopal Bypass as a 4-lane with a paved shoulder along with a service road. The bypass will be constructed from the Jabalpur-Bhopal Road to Bhopal Dewas Road in Madhya Pradesh.

The cost of the project was estimated to be ₹1,174 crore with an estimated period of 24 months.

Shares of PNC Infratech closed 13.95% higher at ₹517.8 apiece on the NSE.