India's KNR Constructions up on higher Sept-qtr profit

KNR Constructions

14/11/2022 10:05

** Shares of KNR Constructions  KNRL.NS  rise as much as
7.91% to 247.00 Indian rupees
    ** Stock will see its best day since Nov. 4, if gains hold 
    ** Infrastructure co reports Sept-quarter profit rose 40.2%
y/y to 985.1 mln Indian rupees ($12.14 mln)
    ** Total revenue from operations was 9.62 bln rupees ($7.64
mln), up from 8.42 bln rupees a year ago
     ** Co received a 72.6 mln bonus from Hybrid-Annuity Model
(HAM) project of Ministry of Road Transport and Highways
    ** In October, co divested its 51% stake in subsidiaries KNR
Tirumala Infra and KNR Shankarampet Projects and 100% stake in
Srirangam infra to Cube Highways and Infrastructure III Pte. Ltd
and affiliates     
    ** More than 490,000 shares trade, 2.6x times their 30-day
moving avg. of 192,513
    ** Sixteen of 19 analysts covering the stock have a "buy" or
"strong buy" rating, while three rate it "hold"; median PT is
315.00 rupees - Refinitiv data
    ** Stock down 23.7% YTD, as of last close
($1 = 81.1710 Indian rupees)
 (Reporting by Akansha Victor in Bengaluru)
 ((Akansha.Victor@thomsonreuters.com; Mobile: +919654878265;))