PNC Infratech bags Rs37.02 crore bonus for early completion of project; stock skyrockets ~8%

21 Apr 2022 , 10:33 AM

PNC Infratech Limited announces receipt of Rs37.02 crore as a bonus for the early completion of one of its EPC projects. The project is for the “Development of Purvanchal Expressway (Package VI) from km 218+300 to 246+500, in the state of Uttar Pradesh”.

This order was received from Uttar Pradesh Expressways Industrial Development Authority (UPEIDA), Authority, and the bonus for the Project was received on April 20, 2022.

The company completed the project on November 30, 2021, ninety-seven days ahead of the Scheduled Completion Date. Accordingly, a bonus @ 0.04% of the contract price of Rs954 crore, for each day of early completion received by the Company, in terms of the contract agreement.

PNC Infratech’s counter surged 8.06% so far in today’s trade. At around 10.38 AM, it was trading at Rs263.55, up by Rs19.65 against its previous close of Rs243.90 on BSE. It hit intraday high and low of Rs263.85 and Rs247.50 respectively so far.