Shares of PNC Infratech Ltd were trading 2.32 percent higher at Rs 293.75 on BSE at the time of writing. It touched the day's high at 303.80 in the early hours of trading.

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The rise in the share price came after the company announced an agreement for a hybrid annuity model (HAM) project with the National Highways Authority of India (NHAI).

“PNC Infratech Limited informs of the signing of the concession agreement between National Highways Authority of India and the Special Purpose Vehicle incorporated by the Company for implementation of the following HAM project package on 8 September 2022,” the company said in a regulatory filing.

The company said it would work on four laning of the Sonauli - Gorakhpur section of UP's NH-29E. The road length of the project is 79.54 kilometre and costs Rs 1,458 crore.

This project is to be constructed in 24 months, upon declaration of the appointed date. PNC is also required to operate it for 15 years post-construction.

PNC Infratech has maintained its revenue growth guidance of 15 percent YoY and EBITDA margin guidance of 13-13.5 percent for FY23.

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