India's PNC Infratech up 3%; Nomura calls stock 'preferred pick'

KNR Constructions

06/06/2023 08:07

** Shares of PNC Infratech Ltd  PNCI.NS  jumped as much as
3.47% to 324.95 rupees
    ** Uptick after global brokerage firm Nomura says it prefers
PNCI over KNC Construction Ltd  KNRL.NS  
    ** KNRL down over 1% in Tuesday's session
    ** Nomura cautious on the sector citing cost inflation,
elevated debt of National Highways Authority of India (NHAI) and
weakness in project awards
    ** Flags decline in operating cash flow as another worry for
the sector
    ** Trading volume on PNCI is 384,456 shares as of 12:22 p.m.
IST, 0.9x the 30-day avg - Refinitiv data
    
    

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))