PNC Infratech Shares Gain After Clinching Order Worth Rs 819 Crore

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Flyover project carried out by PNC Infratech Ltd. (Source: Company website)

Shares of PNC Infratech Ltd. gained after the company emerged as the lowest bidder for a construction project worth Rs 819 crore.

PNC Infra bagged the order from the Ministry of Road Transport and Highways to construct a 4-lane highway from Singraur Uphar to Baranpur Kadipur Ichauli on NH-731A with paved shoulders in the state of Uttar Pradesh on Hybrid Annuity Mode.

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The project is to be constructed in 24 months and operated for 15 years after construction.

Shares of the company closed 6.46% higher at Rs 282.55 apiece on Tuesday, compared with a 0.20% decline in the benchmark Nifty 50.
Total traded volume so far in the day stood at 13.9 times the 30-day average.

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All of the 19 analysts tracking the company maintained a 'buy' call on the stock, according to Bloomberg. The return potential of the stock implies an upside of 43.7% over the next 12 months.

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