Shares of PNC Infratech Ltd rallied 5% on 16 October after the company announced receiving a Letter of Acceptance (LoA) for two EPC road projects from the Maharashtra State Road Development Corporation (MSRDC).

In its regulatory filing, the company said that the first project is to construct an access-controlled Pune Ring Road in Pune District Package PRR E2 from Indori to Chimbali in the State of Maharashtra. The project will be executed in Engineering, Procurement and Construction (EPC) mode and is for a total consideration of Rs 2,268 crore. 

The second project is for constructing access controlled expressway connector to Hindu Hrudaysamrat Balasaheb Thackeray Maharashtra Samruddhi Mahamarg from Jalna to Nanded in the State of Maharashtra on EPC Mode for a total consideration of Rs 2,362 crore and has to be executed in 30 months. 

Moreover on 14 October, the company also incorporated a subsidiary ‘PNC Aalsiiya Joint Venture’, which is a special purpose vehicle for executing a new EPC project that was awarded by City & Industrial Development Corporation (CIDCO) of Maharashtra.

Earlier last week, the company received a Letter of Acceptance from CIDCO for integrating Infrastructure Development of 20M & above wide roads, construction of various major & minor structures (Viz Flyover, Minor Bridges, VUPS, PUPS etc.) and Allied Electrical Works (Street Light) in TPS -8, 9 and TPS-12 under NAINA project. The contract value is Rs 2039.61 crore.

At 11:42 am, the shares of PNC Infratech were trading 4.45% higher at Rs 465.10 on NSE.

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