PNC Infratech Bags Rs 2,039 Crore Road Project From CIDCO

PNC Infratech Ltd. on Friday won an order worth Rs 2,039.61 crore for a road project from City and Industrial Development Corp. of Maharashtra Ltd. 

The company received a letter of acceptance for the project that includes development for roads of 20 metres and wider along with construction of flyovers, small bridges, underpasses, and associated electrical work like street lighting, according to an exchange filing.

The company will execute the project jointly with Aakshya Infra Projects Pvt. through the engineering, procurement, and construction modes, the filings said. Additionally, the company plans to implement the project within a timeframe of 1,460 days.

After negotiating the quoted price of Rs 2,090.59 crore from the company, the bid was accepted at the reduced contract price of Rs 2,039.61 crore, it said.

This infrastructure project will be issued under CIDCO's Navi Mumbai Airport Influence Notified Area (NAINA) project.

In August, PNC Infratech received 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, is for constructing a flyover from Maharani Laxmibai Pratima to AB Road in Gwalior.

In January, the infrastructure development firm bagged a Letter of Award from the Madhya Pradesh Road Development Corp. for a project worth Rs 1,174 crore.

It was supposed to build the Western Bhopal Bypass as a four-lane project with a length of 40.9 km in a hybrid annuity mode.

Shares of PNC Infratech closed 0.59% lower at Rs 440.60 apiece, compared to a 0.14% fall in the benchmark NSE Nifty.

The stock has risen 18.25% in the last 12 months and 25.35% year-to-date.

Of the 19 analysts tracking the company, 15 maintain a "buy" rating, two recommend a "sell," and two suggest a 'hold' according to the Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 24.3%.