India's PNC Infratech jumps on report of possible asset sale to KKR unit for $1 bln

PNC Infratech

15/06/2023 06:44

** Shares of construction company PNC Infratech  PNCI.NS 
rise as much as 6.68% to 339.95 rupees - highest since Feb. 13
    ** Co posts sharpest intraday pct gain since March 28 
    ** A local media report says a unit of U.S. private equity
firm KKR plans to buy the co's road assets for 90 bln rupees
($1.09 billion)
    ** PNCI did not immediately respond to Reuters request for
comment 
    ** Co's shares trading above 50-day and 100-day simple
moving averages since May 5, indicating bullish momentum 
    ** More than 1.8 mln shares changed hands by 11:13 a.m. IST,
4.7 times 30-day avg of 391,804 shares 
    ** Co sees busiest day since March 23 
    ** All 15 analysts eyeing the stock rate it "buy" or higher;
median TP 410 rupees - Refinitiv data 
    ** So far stock has risen more than 16% 

($1 = 82.2250 Indian rupees)

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