India's PNC Infratech drops on Q1 profit slide

PNC Infratech

14/08/2023 07:29

** Shares of India's PNC Infratech  PNCI.NS  down as much as
9.84% at 318.05 rupees in steepest intraday pct loss since Dec.
5 
    ** Co's consol net profit from cont ops in Q1 slid 25% to
1.81 bln rupees ($21.82 mln) 
    ** Stock on track for fourth consecutive sessions of losses 
    ** Stock currently trading below 50-day simple moving
average, but above 100-day SMA
    ** About 1.3 mln shares traded by 11:47 a.m. IST, 2.4x
30-day avg  
    ** Mean recommendation of 15 analysts on stock is "strong
buy", median PT is 415 rupees - Refinitiv IBES data 
    ** Including session's losses, PNCI up ~15% so far this year

($1 = 82.9700 Indian rupees)

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))