PNC Infratech shares surged nearly 14% on Wednesday, extending the rally for the second consecutive session, after the company emerged as the lowest bidder in two National Highways Authority of India (NHAI) projects. According to reports from Live Mint, the small-cap stock rallied as much as 13.72% to ₹237.00 apiece on the BSE. The rally was supported by heavy trading volumes, with around 95 lakh equity shares changing hands on stock exchanges, significantly higher than its one week average trading volume of 5 lakh shares and one month average volumes of 7 lakh shares.
Infrastructure company PNC Infratech announced that it emerged as the First Lowest (L1) bidder in tenders floated by NHAI for two HAM based National Highway Projects. As reported by Live Mint, the first project involves construction of a 4 Lane highway from Barabanki Design Chainage to Mustafabad Design Chainage on NH-927 in Uttar Pradesh on HAM Mode under NH(O) Scheme (Package-I), with a quoted bid project cost of ₹1,728 crore. The second project covers construction of a 4 Lane highway from Mustafabad Design Chainage to Biswariya Design Chainage on NH-927 in Uttar Pradesh on HAM Mode under NH(O) Scheme (Package-II), with a quoted BPC of ₹1,755 crore.
The aggregate bid project cost for both projects totals ₹3,483 crore, exclusive of GST, according to reports from Live Mint. The contracts are to be executed within 24 months for each project. At 2:10 PM, PNC Infratech shares were trading 7.25% higher at ₹223.50 apiece on the BSE, as reported by Live Mint.
According to reports from Live Mint, PNC Infratech share price has gained 20% in one month but fallen 11% on a year-to-date basis. The smallcap stock has declined 20% in one year and has dropped 48% over the past two years. PNC Infratech shares have fallen 7% in five years, as reported by Live Mint.
