India's PNC Infratech hits record high as co to sell stake in 12 SPVs

PNC Infratech

16/01/2024 04:28

** Shares of PNC Infratech Ltd  PNCI.NS  rise as much as
10.6% to a record high of 427.9 rupees
    ** The infrastructure construction firm says PNC Infratech
and its unit agreed to sell their 100% stake in 12 special
purpose vehicles (SPV) to Highway lnfrastructure Trust 
    ** Enterprise value of the transaction is 90.06 bln rupees
($1.09 bln) - PNC Infratech 
     ** Stock on track to gain for sixth straight day, if
current trend holds
    ** Stock trading above 50-, 200-day simple moving average
since Dec 21, after co achieved financial closure for 3 highway
projects
    ** More than 5.1 mln shares traded so far this week already,
over 5.8 mln shares traded last week
    ** Eight of 14 brokerages rate the stock "strong buy" and
rest "buy"; their median PT is 432 rupees, slightly higher than
current record high - LSEG data
    ** Stock gained 21.9% in 2023
    
    

 (Reporting by Meenakshi Maidas in Bengaluru)
 ((meenakshi.maidas@thomsonreuters.com;))