India's PNC Infratech climbs after Nomura retains 'buy' rating

PNC Infratech

16/06/2023 09:08

** Shares of PNC Infratech Ltd  PNCI.NS  rise as much as
2.44% to 331.55 rupees, extending gains for third straight
session
    ** Brokerage Nomura retains "buy" and maintains TP at 375
rupees on stock, implying 21% upside 
    ** Infra firm plans to sell 12 road assets to U.S. private
equity firm KKR's infrastructure trust could lead to re-rating
of stock - Nomura
    ** Adds divestment is likely at 21 bln rupees ($256.4 mln)
enterprise value against book value of 17 bln rupees, hinting at
potential uptick in valuations post-sale
    ** Trading volume at ~551,000 shares, 1.3x the 30-day avg of
~429,700 shares, as of 1:20 p.m. IST 
    ** Average rating of 15 analysts equivalent to "buy"; median
TP is 410 rupees - Refinitiv data
    ** Stock last up ~14% YTD


($1 = 81.9047 Indian rupees)

 (Reporting by Biplob Kumar Das in Bengaluru)
 ((Biplobkumar.das@thomsonreuters.com))