The share price of PNC Infratech surged over 16 percent in the early trade on Friday after the company received a letter of award (LOA) for a NHAI project for Rs 1,412 crore.

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The stock gained as much as 16.54 percent to hit an intraday high of Rs 155 per share on the BSE. However, the stock soon pared gains, trading 7.67 percent higher at Rs 143.20 apiece at 9:40 am.

The project is for a 53.95 km long four-laning of Meerut-Nazibabad section of NH-119 (New NH-34) under Bharatmala Pariyojana on Hybrid Annuity Mode (HAM), the company said in an exchange filing on Thursday.

The project is to be constructed in 24 months and operated for 15 years post construction. The price bids were opened on May 13, 2020, with PNC’s bid being the lowest (L1).

This is the eleventh hybrid annuity highway project secured by the company so far, it said.

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