Reliance could seek support around its 100-WMA in the run-up to the bonus record date; Whereas, PNC Infratech too has witnessed a 'Death Cross' and could slide another 21% from here on.
PNC Infratech plunged 18% to Rs 299 in intra-day trade on Tuesday, with a combined 7.25 million shares representing 2.82% of total equity having changed hands on the NSE and BSE till 09:42 AM
PNC Infra along with its arms PNC Khajuraho and PNC Bundelkhand Highways, has been disqualified from participating in any tender process by the MoRTH for a period of 1 year, starting from Oct 18.
The PNC Infratech share soared after the company announced that it has been declared at the lowest bidder for a project of Rs 2,090.59 crore from CIDCO
The stock prices zoomed after the National Highway Authority of India (NHAI)and PNC Kanpur Highways, a subsidiary of the company, agreed to settle the amount of Rs 398.60 crore