PNC Infratech spurts on receiving LOA for two EPC projects

PNC Infratech jumped 6.82% to Rs 149.50 after the company received letters of acceptance from National Highways Authority of India (NHAI) for two EPC projects worth Rs 1547.80 crore.

Both the orders relate to construction of eight lane access controlled expressway in two separate sections of Delhi-Vadodara Greenfield Alignment (NH-148N) on EPC mode under Bharatmala Pariyojana in Gujarat for an aggregate contract value of Rs 1547.80 crore, with a completion time of 24 months.

PNC Infratech is engaged in infrastructure development through the construction of highways including BOT (built, operate and transfer projects), airport runways, bridges, flyovers and power transmission projects among others.

On the technical front, the stock's RSI (relative strength index) stood at 62.003. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 20 and 50 days simple moving average placed at 144.59 and 128.91 respectively. These levels will act as crucial support zones in near term.

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