PNC Infratech Ltd. received two letters of acceptance from the Maharashtra State Road Development Corp. for contracts aggregating Rs 4,630 crore.
The first order of Rs 2,268 crore includes construction of the access-controlled Pune Ring Road in Pune district, according to an exchange filing on Tuesday. Package PRR E2 will extend 13.8 km from Indori to Chimbali in the Mawal and Khed regions of Maharashtra.
The second contract of Rs 2,362 crore involves constructing an access-controlled expressway connector to the Hindu Hrudaysamrat Balasaheb Thackeray Maharashtra Samruddhi Mahamarg, spanning from Jalna to Nanded in Maharashtra, according to a filing.
Both the contracts will be carried out through the engineering, procurement, and construction modes within a timeframe of 30 months, the filings said.
Previous Projects of PNC Infratech
On Oct. 11, the infrastructure development firm bagged an order worth Rs 2,039.61 crore for a road project from City and Industrial Development Corp. of Maharashtra Ltd.
The project includes development for roads of 20 meters and wider along with construction of flyovers, small bridges, underpasses, and associated electrical work like street lighting. It will be executed jointly by Aakshya Infra Projects Pvt.
In August, the company won a letter of acceptance for the construction of the second phase of the four-lane elevated corridor in Madhya Pradesh.
The contract worth Rs 699 crore from the Public Works Department was for the establishment a flyover from Maharani Laxmibai Pratima to AB Road in Gwalior.
Shares of PNC Infratech closed 1.03% lower at Rs 446.25 apiece on the NSE, compared to a 0.28% fall in the benchmark Nifty. The stock has risen 22.08% in the last 12 months and 26.97% on a year-to-date basis.
Of the 19 analysts tracking the company, 15 maintain a 'buy' rating on the stock, two recommend 'sell' and as many suggest 'hold' according to the Bloomberg data. The average of 12-month analysts' consensus price target implies a potential upside of 22.7%.
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