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PNC Infratech gains on reports of brokerage coverage

Capital Market 

PNC Infratech gained 2.84% to Rs 150.50 at 14:46 on on reports that a foreign brokerage has initiated coverage on the stock with buy for target price of Rs 210.

Meanwhile, the S&P Sensex was up 33.42 points, or 0.11% at 31,780.51. The S&P Small-Cap index was up 87.93 points, or 0.56% at 15,894.36.

High volumes were witnessed on the counter. On the BSE, 43,000 shares were traded on the counter so far as against the average daily volumes of 12,000 shares in the past two weeks. The stock had hit a high of Rs 155.75 and a low of Rs 149 so far during the day. The stock had hit a record high of Rs 168.50 on 25 April 2017 and a 52-week low of Rs 98.70 on 15 November 2016.

The brokerage reportedly said that India's road sector should see a significant revival in ordering and execution, led by an infrastructure push driven by government spending. In this new phase of growth, where early green shoots are already visible, companies like PNC Infratech with strong financial position stand to gain, the brokerage said.

PNC Infratech reported consolidated net loss of Rs 21.82 crore in Q4 March 2017, compared with net profit of Rs 129.36 crore in Q4 March 2016. Total income from operations fell 30.49% to Rs 518.92 crore in Q4 March 2017 over Q4 March 2016.

PNC Infratech is an infrastructure construction, development and management company, with expertise in execution of major infrastructure projects, including highways, bridges, flyovers, airport runways, power transmission lines, development of industrial areas and other infrastructure activities.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, July 12 2017. 14:47 IST
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