PNC Infratech bids Rs 1,260 crore for highway project, shares gain 5%

PNC Infratech has been declared as the lowest bidder for a highway project with a bid project cost of Rs 1,260 crore.

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Shares of PNC Infratech surged 5 percent on March 15 after the company was declared the lowest bidder for a highway project with Rs 1,260-crore bid.

The project is for the construction of a six-lane greenfield Varanasi-Ranchi-Kolkata highway from Pachmon village to Anarbansalea village, under Bharatmala Pariyojana in Bihar on a hybrid annuity mode from the National Highway Authority of India (NHAI), on March 14, 2023, the company said in a regulatory filing.

The project is to be completed in 24 months and operated for 15 years after the construction, PNC Infratech said.

At 9:30am, shares of the company traded 3 percent higher at Rs 293.25 on the BSE.

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“The order wins are critical due to nil order inflows during the nine-month period of FY2023 due to aggressive competitive bidding and weak sectoral tendering,” said Sharekhan by BNP Paribas.

Road project awards and construction activities picked up in January 2023 with a 2.2 times month-on-month (MoM) jump and 2.6 times MoM rise, respectively, said Sharekhan. The brokerage firm expects strong project awards during the March quarter.

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The order book as on December 2022 stood healthy at Rs 17,842 crore, which is 2.6 times Trailing Twelve Month standalone revenues, while the receipt of new orders in the near term would aid healthy growth for FY24 and FY25, the brokerage firm said.

It believes that the risk-reward ratio is favourable for PNC Infratech and the company is one of the key beneficiaries of a positive sector outlook. The brokerage firm has a ‘buy’ rating on the stock with a target price of Rs 390.