The shares of PNC Infratech rose more than 2 percent on Friday after the company announced that it has received Letter of Acceptance (LoA) from the Ministry of Road Transport & Highways (MORT&H) for a construction work in Uttar Pradesh worth Rs 819 crore. On March 27, the company had emerged as lowest bidder for the said project.
The development is to build a 4-lane highway from Singraur Uphar to Baranpur Kadipur Ichauli of NH-731A with paved shoulders (iic Ganga Bridge) on Hybrid Annuity Mode. The Infrastructure company has promised to execute the work in 24 months and operation period is of 15 years, after construction. It is pertinent to mention that in the month of April, the company has already received LoA for several projects worth more than Rs 5,000 crore.
On April 7, PNC Infra had received LoA for a design and construction project worth Rs 771.4 crore from Haryana Rail Infrastructure Development Corporation. Prior to this, on April 5, the company had received LoA for three projects worth Rs 3,264 crore.
In the month of March, the infrastructure major had emerged lowest bidder for three NHAI projects worth Rs 3,264 crore. On February 28, the company had said that it has bagged a Rs 771.46 crore railway project from the Haryana Orbital Rail Corporation Ltd.
The shares of PNC Infratech were trading more than 2 percent higher at Rs 282/sh till 3 pm.
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