PNC Infratech Share Price Hits Nearly One-Month High After Bagging Rs 2,090-Crore Order

PNC Infratech Ltd. share price rose to nearly one-month high after the company emerged as the lowest bidder for an engineering, procurement, and construction project worth Rs 2,090 crore from City & Industrial Development Corp. of Maharashtra. The order is jointly awarded to the company with Aakshya Infra Projects Pvt.

As per the order, PNC Infratech will develop integrated infrastructure 20 metres above wide roads, and construct various major, minor structures like flyovers and small bridges and allied electrical works under Naina project, an exchange filing said. The companies will take four years to complete the work.

PNC Infratech's share price rose 7.06%, the highest level since Sept. 16. They pared gains to trade 4.22% higher at Rs 446.75 apiece as of 11:14 a.m., compared to a 0.17% advance in the NSE Nifty 50.

The stock has gained 19.36% in 12 months, and 26.83% year-to-date. Total traded volume so far in the day stood at 11 times its 30-day average. The relative strength index was at 51.61.

Of the 19 analysts tracking the company, 15 maintain a 'buy' rating, two recommend a 'hold' and two suggest 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 22.5%.