PNC Infratech jumps 16% on receipt of LoA for NHAI project
MUMBAI: Shares of PNC Infratech surged 16.5% on Friday after the company said it has received a Letter of Award (LOA) from National Highway Authority of India for a project worth ₹1,412 crore.
At 1100 am, the stock traded at ₹144.20, up 8.4% from previous close, while the benchmark Sensex was up 0.4% at 34,971.53. The stock has declined over 24.7% since the beginning of the year but is up 78.3% from its March lows.
PNC Infratech has received the LoA from National Highways Authority of India for 53.95 km long four-laning of Meerut – Nazibabad section of NH-119 (New NH-34) from design chainage Km 11+500 (Meerut) to 39.250 (Behsuma) and from km 79.500 (Bijnor) to 105.700 (Jalalabad), in Uttar Pradesh on hybrid annuity mode under the Bharatmala Pariyojana scheme.
