👀 Ones to watch: The MOST undervalued stocks to buy right nowSee Undervalued Stocks

PNC Infratech shares rise on new road project win and asset divestment

EditorNatashya Angelica
Published 01/17/2024, 04:33 PM
Updated 01/17/2024, 04:39 PM
© Reuters.
PNCI
-

MUMBAI - Shares of PNC Infratech Ltd. saw a notable increase following the company's announcement of securing a significant road project and entering into definitive agreements for divesting a number of assets. The infrastructure firm disclosed it had won a contract worth ₹1,174 crore for the construction of the Western Bhopal Bypass, which will feature a four-lane highway and an accompanying service road.

In addition to the project win, PNC Infratech has agreed to divest twelve road assets to a trust that is backed by global investment firm KKR. These strategic moves have been well received by investors, as evidenced by the company's stock price performance. In early trading, PNC Infratech's shares climbed over one percent to ₹412.95 and continued to gain momentum, further rising by 2% to reach ₹413.20. This uptick marks the seventh consecutive session of gains for the company, accompanied by high trading volumes, signaling robust market confidence in its recent developments.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.