GR Infraprojects, PNC Infratech shares hit 52-week highs; here’s why

Shares of GR Infraprojects Ltd and PNC Infratech surged up to 17% to hit their 52-week highs after both companies bagged orders for infrastructure projects in Maharashtra.

Shares of PNC Infratech surged as much as 17.2% to hit a 52-week high of ₹535.40 apiece on the BSE after the company bagged orders worth ₹4,994 crore from the Maharashtra State Road Development Corporation. The company plans to complete both orders within 30 months.

At 1:49 pm, the share price of PNC Infratech Ltd was trading 15.80% higher at ₹528.90. This was in line with the broader BSE Sensex which was trading 200 points or 0.27% higher at 74,153.73.  The market capitalisation of PNC Infratech Ltd stood at ₹13,486.20 crore with more than 4.94 shares exchanging hands on the BSE, as against the two-week average of 0.28 lakh shares. In the past one month, three months and one year, the counter has surged 21.85%, 28.56% and 65.24%, respectively.  

Notably, the first order amounts to ₹2,486 crore and is for the “construction of access controlled Pune ring road in Pune District Package PRR Km E2 12+500 from Indori to Chimbali Km 26+300 in EPC (engineering, procurement and construction) mode.” The second order amounting for ₹2,508 crore is for the construction of Construction of Access Controlled 2s08.00 30 months Expressway Connector to Hindu Hrudaysamrat Balasaheb Thackeray Maharashtra Samruddhi Mahamarg from Jalna to Nanded in the Maharashtra on EPC mode: :Package JNE-04 from Kurnbhari Km 98+945, to Katneshrvar Km 127+840, in District Parbhan.” The length of both roads is 13.800 km and 28.895 km, respectively.

Meanwhile, shares of GR Infraprojects surged as much as 5% to hit a 52-week high of ₹1,645.90 apiece on the BSE, after the infrastructure major bagged two orders worth ₹4,346.14 from the Maharashtra government. The first order amounting to ₹1,997.07 crore is for the “construction of access controlled Pune ring road in Pune District Package PRR W5 from Kalyan/Rathwade to Shivare/Kusgaon Phase in Taluq Haveli/Bhor in Maharashtra on EPC mode,” as per the regulatory filing by the company. The length of the road is 9.341 km and the company plans to complete the project in 36 months.

The second project amounting to ₹2,349.07 crore, is for the “construction of Nagpur–Chandrapur Access Controlled Super Communication Expressway in Maharashtra on EPC Mode for Package NC-01 from Km. 0+000 Seldoh Tq. Seloo to Km. 33+300 Lonhar Tq. Samudrapur Dist. Wardha.” The company plans to complete the project in 30 months.

The share price of GR Infraprojects was trading 4.60% higher at ₹1,639.55. The company’s market capitalisation stood at ₹15,852.60 crore with 12,199 shares exchanging hands on the BSE, as against the two-week average of 0.14 lakh shares.