+
PNC Infratech surges 5% on securing Rs 6.99 billion order
ECONOMY & POLICY

PNC Infratech surges 5% on securing Rs 6.99 billion order

Shares of PNC Infratech, an infrastructure company, experienced a 5% surge, this increase was announced in an exchange filing where the company stated that it had received a Letter of Acceptance from the Madhya Pradesh Public Works Department.

According to the company's filing, the LoA is related to the construction of a four-lane elevated corridor/flyover from Maharani Laxmibai Pratima to A.B. Road (N.ll. 46) near Girwai Police Chouki on the Swarn Rekha River in Gwalior City (2nd phase) in the state of Madhya Pradesh. The project is set to be executed on an engineering, procurement, and construction (EPC) basis, with a total order value of Rs 6.99 billion.

In January, PNC Infratech was also granted the contract for constructing the Western Bhopal Bypass, entailing the development of a 4-lane road with paved shoulders along with service roads. The total cost for this project amounts to Rs 11.74 billion.

The company has established itself as a leading player in the EPC sector within the road industry over the years. It has diversified its revenue streams to include other segments like water supply and irrigation.

The company is well-positioned to capitalize on the government?s ambitious plans for highway and expressway development. The National Highways Authority of India (NHAI) is prioritizing greenfield expressways, presenting significant potential in both EPC and HAM modes.

Government initiatives such as Bharatmala Pariyojana, Sagarmala, the Atal Mission for Rejuvenation and Urban Transformation, the Jal Jeevan Mission, and the Prime Minister?s Gati Shakti National Master Plan are expected to enhance the infrastructure sector, according to the domestic brokerage firm Axis Securities.

The company's shares have delivered positive returns over the past three years, with a 30% increase so far this year.

In Q3 FY24, the company reported a 32.14% YoY increase in its consolidated net profit, reaching Rs 1.85 billion compared to Rs 1.40 billion in the year-ago quarter.

Shares of PNC Infratech, an infrastructure company, experienced a 5% surge, this increase was announced in an exchange filing where the company stated that it had received a Letter of Acceptance from the Madhya Pradesh Public Works Department. According to the company's filing, the LoA is related to the construction of a four-lane elevated corridor/flyover from Maharani Laxmibai Pratima to A.B. Road (N.ll. 46) near Girwai Police Chouki on the Swarn Rekha River in Gwalior City (2nd phase) in the state of Madhya Pradesh. The project is set to be executed on an engineering, procurement, and construction (EPC) basis, with a total order value of Rs 6.99 billion. In January, PNC Infratech was also granted the contract for constructing the Western Bhopal Bypass, entailing the development of a 4-lane road with paved shoulders along with service roads. The total cost for this project amounts to Rs 11.74 billion. The company has established itself as a leading player in the EPC sector within the road industry over the years. It has diversified its revenue streams to include other segments like water supply and irrigation. The company is well-positioned to capitalize on the government?s ambitious plans for highway and expressway development. The National Highways Authority of India (NHAI) is prioritizing greenfield expressways, presenting significant potential in both EPC and HAM modes. Government initiatives such as Bharatmala Pariyojana, Sagarmala, the Atal Mission for Rejuvenation and Urban Transformation, the Jal Jeevan Mission, and the Prime Minister?s Gati Shakti National Master Plan are expected to enhance the infrastructure sector, according to the domestic brokerage firm Axis Securities. The company's shares have delivered positive returns over the past three years, with a 30% increase so far this year. In Q3 FY24, the company reported a 32.14% YoY increase in its consolidated net profit, reaching Rs 1.85 billion compared to Rs 1.40 billion in the year-ago quarter.

Related Stories

Gold Stories

Next Story
Infrastructure Transport

97 Per Cent Of Rongjeng-Mangsang-Adokgre Road Nears Completion

Deputy Chief Minister in-charge of public works Prestone Tynsong said in Shillong on 26 August that 97 per cent physical progress had been achieved on the ongoing Rongjeng-Mangsang-Adokgre road being constructed under the Non-Lapsable Central Pool of Resources (NLCPR). He noted the project was sanctioned in 2017 and that the stipulated time for completion had been 24 months from issue of the final work order. The deputy chief minister informed the assembly that the government had decided to include the remaining work under a World Bank project. In reply to a query from Rongjeng MLA Jim M Sangm..

Next Story
Infrastructure Transport

First TBM Starts Digging Five Point Three Kilometre Tunnel Under SGNP

The Goregaon-Mulund Link Road (GMLR) Phase three (B) project has reached a key milestone as the first tunnel boring machine (TBM) began excavation of the first of two tunnels beneath the Sanjay Gandhi National Park (SGNP). The machine, named Tulsi, started cutting a five point three kilometre bore that will link Dadasaheb Phalke Chitranagari in Goregaon East with Amar Nagar in Mulund West. Officials issued a statement noting the commencement of tunnelling work under the protected green belt. The twin tunnels are being constructed using mechanised tunnelling methods that aim to limit surface di..

Next Story
Infrastructure Transport

UP Approves Two Expressways And Rs 240 bn Infrastructure Push

The Uttar Pradesh Cabinet approved a series of infrastructure and industrial investment proposals totalling Rs 240 billion (Rs 240 bn), including two major expressway projects, a manufacturing and logistics cluster in Sultanpur and incentives for 11 industrial projects across the state. The decisions, taken at a meeting chaired by Chief Minister Yogi Adityanath, underline the state government’s focus on expanding road connectivity around emerging industrial hubs while attracting manufacturing investment to districts beyond major urban centres. The approvals cover both greenfield expressway c..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code