Shares of PNC Infratech Ltd picked up momentum in Wednesday's trade as the stock surged 11.92 per cent to hit a high of Rs 347.80. It was last seen trading 11.50 per cent up at Rs 346.50. At this price, the scrip has tanked 27.62 per cent in the past six months.
Today's upward move in the share price came after the civil construction firm said it has received a provisional completion certificate (PCOD) for a project, two months ahead of completion.
"Receipt Of Provisional Completion Certificate (PCOD), 2 Months Ahead Of The Scheduled Completion For 'Four Laning Of NH 530B From Gaju Village (Design Km 32.982, Mathura - Aligarh District Boundary) To Devinagar Bypass (End) (Existing Km. 208.000 Of SH 33(NH-530B/ Design Km. 66.000) (Design Length = 33.018 Km) In The State Of Uttar Pradesh On HAM Mode (Package-1C)'," PNC Infra stated in a BSE filing. The estimated project cost was Rs 738 crore.
"As concessionaire achieved 'provisional completion' (PCOD) 2 months ahead of the scheduled completion, it (PNC Infra) becomes eligible for early completion bonus to an extent of Rs 1,428 crore payable to concessionaire by authority (NHAI) along with 1st Annuity," the company added.
The counter was lately battered by the September 2024 quarter (Q2 FY25) earnings and the road transport ministry's restrictions.
PNC Infra reported a 43.92 per cent year-on-year (YoY) drop in its second-quarter consolidated net profit. During the quarter under review, profit came at Rs 83 crore as against Rs 148 crore in the year-ago period.
The construction firm's revenue from operations fell 25.33 per cent to Rs 1,427 crore from Rs 1,911 crore in the year-ago period. Operating profit (EBITDA) slipped 11 per cent to Rs 356 crore in Q2 FY25 compared to Rs 400 crore in the September 2023 quarter.
Before this, the Ministry of Roads (MoRTH) disqualified the construction firm and its two subsidiaries from participating in any new tender process of the ministry for a year.
MoRTH has disqualified PNC Infratech and its two subsidiaries from participating in any new tender process for one year from October 18, 2024.
As of September 2024, promoters held a 56.07 per cent stake in PNC Infratech.