PNC Infratech Share Price Surges On Early Completion Of Highway Project
PNC Infratech's subsidiary Hathras Highways completed a project for the NHAI in Uttar Pradesh.
PNC Infratech Ltd.'s share price rose by over 11% on Wednesday after the company announced the early completion of a highway construction project in Uttar Pradesh.
The company's subsidiary, Hathras Highways Pvt., successfully completed the 'Four Laning of NH S30B' project, two months ahead of the scheduled completion date. The project, part of the National Highways Authority of India’s Hybrid Annuity Model, spans a 33.018 km stretch from Gaju Village to Devinagar Bypass in Uttar Pradesh.
The provisional completion certificate for the project, issued on Tuesday declared the highway fit for commercial operations.
As part of the early completion, PNC Infratech is eligible for an early completion bonus of Rs 4.428 crore, which will be paid by NHAI along with the first annuity. The project, valued at Rs 738 crore, was initially scheduled for completion by Dec. 31.
PNC Infratech Q2 Earnings (Consolidated, YoY)
Revenue down 25.3% at Rs 1,427 crore versus Rs 1,911 crore.
Ebitda down 10.8% at Rs 356 crore versus Rs 399 crore.
Ebitda margin improved to 24.9% from 20.9%.
Net profit declined 43.6% to Rs 83.5 crore versus Rs 148 crore.
PNC Infratech Share Price Today
PNC Infratech stock rose as much as 11.76% during the day to Rs 346 apiece on the NSE. It was trading 10.95% higher at Rs 343.50 apiece, compared to a 0.02% advance in the benchmark Nifty 50 as of 10:09 a.m.
It has risen 1.68% in the last 12 months and fallen 2.63% on a year-to-date basis. The relative strength index was at 61.14.
Eleven of the 18 analysts tracking the stock have a 'buy' rating, six recommend a 'hold', and one suggests a 'sell', according to Bloomberg data. The 12-month analysts' consensus target price on the stock is Rs 392.50, implying an upside of 14.9%.
