Shares of PNC Infratech have been struggling at the bourses since the company’s Q3 results missed expectations, however, the company showed signs of recovery today as it jumped around 3%.
What Happened: The company on Thursday announced that it emerged as the lowest bidder for two Highway Projects of the National Highways Authority of India (NHAI). The two projects combined are worth around ₹2,004.43 crore.
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Both projects are for the six-lane Greenfield Varanasi – Ranchi – Kolkata Highway and under the Bharatmala Pariyojana in the state of Bihar. The projects are to be completed in two years and operated for the next 15 years.
The project seems to have provided some impetus to the company shares that have crashed around 11% in the past month as its Q3 earnings missed expectations. However, brokerages have remained positive on the stock. Axis Direct, HDFC Securities, and ICICI Direct all maintained their ‘buy’ after the company’s Q3 print as all the firms see an over 25% upside in the stock.
Price Action: Shares of PNC Infratech traded 3.41% higher at ₹296.05 in the early hours of trading on Friday.
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