On October 10, PNC Infratech Ltd’s shares surged over 7% following its selection as the lowest bidder by the City & Industrial Development Corporation of Maharashtra Ltd (CIDCO) for a Rs 2,091 crore infrastructure project near the upcoming Navi Mumbai Airport.

PNC Infratech disclosed in a regulatory filing that the project involves developing roads 20 meters wide and above, constructing structures like flyovers, minor bridges, and allied electrical works, including street lighting, under the NAINA project.

Considering the monsoon season, the project is anticipated to be finished in 1,460 days. PNC Infratech’s stock has received attention this year due to several contract wins and payment settlements.

In August, PNC Infratech was announced as the lowest bidder for a Rs 380 crore highway and bridge construction project in Uttar Pradesh and Bihar.

In May, PNC Infratech’s subsidiary, PNC Kanpur Highways Ltd, received Rs 390.62 crore from the National Highways Authority of India (NHAI) as a settlement agreement. 

This payment, carried out on May 9, was made under the Government of India’s Vivad Se Vishwas II (Contractual Disputes) Scheme. 

PNC Infratech informed that the total settlement amount agreed upon was Rs 398.60 crore, from which tax deductions at source (TDS) were applied, resulting in a net receipt of Rs 390.62 crore.

In the quarter ending June 2024, PNC Infratech reported a 168% year-on-year increase in net profit to Rs 421 crore. However, its revenue from operations declined to Rs 1,744 crore from Rs 1,861 crore in the year-ago period.

At 10:41 am, PNC Infratech shares were trading 3.51% higher at Rs 443.70 on the National Stock Exchange (NSE).

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