India's KNR Constructions hits over one-month high on contract win

KNR Constructions

18/07/2022 06:25

** Shares of Indian infrastructure firm KNR Constructions
 KNRL.NS  rise as much as 4.2% to 260.95 rupees, their highest
since June 8, 2022
    ** KNRL won a contract to construct a four-lane road in
Telangana state worth 342.6 mln rupees ($4.29 mln), co said late
on Friday (https://bityl.co/DIOl)
    ** Stock marks sharpest intraday pct gain since July 6,
heads for a fifth straight day of gains
    ** 19 of the 21 analysts covering the stock have a "buy" or
"strong buy" rating, 2 have a "hold"; median PT is 330 rupees -
Refinitiv data
    ** More than 163,000 shares change hands by 0508 GMT vs
30-day avg of 253,631 shares
    ** Stock down 16.5% YTD up to last close, vs a 5.8% fall in
the Nifty Infra index  .NIFTYINFR 

($1 = 79.7980 Indian rupees)

 (Reporting by Atreya Raghavan in Bengaluru)
 ((Atreya.Raghavan@thomsonreuters.com; Mobile: +91 8527959656))