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Here’s why PNC Infratech shares surged 6% intraday on Oct 14; details
Source: Business Standard
Shares of civil construction firm PNC Infratech soared as much 6.1 per cent at Rs 467.75 per share on the BSE in Monday’s intraday trade. PNC Infratech share price rose after the construction company bagged a letter of acceptance (LoA) for a project worth Rs 2039.61 crore from the City and Industrial Development Corporation of Maharashtra.
The company won this order in a joint venture with Aakshya Infra Projects, the company said in an exchange filing post market hours on Friday. The contract work involves integrated infrastructure development of 20 metre and above wide roads, construction of various major and minor Structures subsuming flyover, minor bridges, VUPS, PUPS etc and allied electrical works (street light) under the Naina Project.
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On October 9, 2024, the company had informed through filing that it along with Aakshya Infra Projects had emerged as the lowest bidder for this project.
PNC Infratech is engaged in infrastructure development, specialising in the construction of highways, airport runways, bridges, flyovers, and power transmission projects. The company undertakes BOT (Build-Operate-Transfer) projects and provides comprehensive infrastructure solutions, including EPC (Engineering, Procurement, and Construction) services on a fixed-sum turnkey basis.
PNC Infratech share price history
PNC Infratech stock has outperformed the market year to date as it has risen 30.2 per cent, while staying par with the market in the last one year, gaining 23.7 per cent. In comparison BSE Sensex has risen 13.4 per cent year to date and 23.6 per cent in a year.
The company has a total market capitalisation of Rs 11,677.66 crore. Its shares are trading at a price to earnings multiple of 10.14 times at an earning per share of Rs 43.44.
At 11:54 AM, the stock price of the company advanced by 3.30 per cent at Rs 455.15 a piece on the BSE. By comparison, the BSE’s Sensex was up 0.79 per cent to 82,021.78 level.
PNC Infratech financials
PNC Infratech reported a revenue increase of 4.08 per cent year-on-year to Rs 2,197.82 crore in Q1FY25. However, on a quarterly basis, revenue fell by 16.25 per cent. In terms of net profit, the company saw a significant jump of 218.44 per cent year-on-year, reaching Rs 575.17 crore for the same quarter. Quarterly, net profit rose by 45.29 per cent.
First Published: Oct 14 2024 | 12:04 PM IST
