Shares of PNC Infratech rose 3% in morning trade on March 10 after the company announced that it had been declared the lowest bidder for two highway projects by the National Highways Authority of India (NHAI) at a total cost of Rs 2,004.43 crore.

The company’s shares were trading at Rs 292.45 per share on the BSE at 9:26 am, up 2.15%, while the benchmark Sensex fell 801.91 or 1.34% to 59,004.37.

The first project, worth Rs 891 crore, is for constructing a six-lane greenfield Varanasi-Ranchi-Kolkata expressway, stretching 27 km from the junction with Chandauli-Chainpur road to the junction with Bhabhua-Adhaura road. Another project worth Rs 1,113.43 crore is the construction of a six-lane greenfield Varanasi-Ranchi-Kolkata expressway, 36 km long from the junction of Bhabhua-Adhaura roads to Konki village.

Both projects are awarded under the Bharatmala Pariyojana in Bihar and are based on a hybrid annuity model.

For PNC Infratech, road engineering, procurement and construction (EPC) projects accounted for 58% of its total order book, according to its latest investor presentation.

Meanwhile, revenue from toll and annuity projects accounted for 18% of the company’s total revenue in the first nine months of FY2023, with the rest coming from EPC projects.

PNC Infratech is an infrastructure construction, development and management company with expertise in executing projects, including highways, bridges, flyovers, airport runways, industrial estates and power transmission lines.