PNC Infratech’s shares hit a fresh 52-week high on January 17 after the infrastructure development company announced winning a Rs 1,174 crore road project in Madhya Pradesh.

PNC Infratech’s shares hit an intraday high of Rs 417.95, 3.15% higher than its previous closing price on the National Stock Exchange (NSE). The stock closed 2.18% higher at Rs 414.00.

In an exchange filing, PNC Infratech Ltd said that it received a Letter of Award from MP Road Development Corporation (MPRDC) to construct the 41-km four-lane Western Bhopal Bypass along with a service road in the state in the Hybrid Annuity Mode (HAM). 

The time period for construction of the Rs 1,174 crore project is 24 months, while the operation period is 15 years after the construction.

PNC Infratech takes on infrastructure projects, such as roads, bridges, flyovers, and power. The company’s total order book stood at Rs 20,500 crore as of March 31, 2023, including new contracts signed in FY23. 

The firm has a portfolio of 27 road Hybrid Annuity Mode (HAM) and Build Operate Transfer (BOT) projects in different construction and operation stages. Out of these, the company is divesting 11 National Highway (NH) HAM assets and 1 State Highway BOT Toll asset for an enterprise value of Rs 9,005.7 crore.