Shares of PNC Infratech Ltd. surged to a record high on Wednesday after it emerged as the lowest bidder for two road projects from Maharashtra State Road Development Corp.
The project is worth Rs 4,994 crore and entails building approximately 42 kilometres of road.
PNC Infratech will construct a portion of the Access Controlled Pune Ring Road in Pune District, which is stretched between Indori and Chimbali.
Another stretch is for the access-controlled expressway connector to Hindu Hrudaysamrat Balasaheb Thackeray Maharashtra Samruddhi Mahamarg from Jalna to Nanded in the Maharashtra on EPC mode.
Shares of PNC Infratech jumped 12.36% to hit an all-time high at Rs 514.45.
The stock gained 60.18% in 12 months and 44.90% so far this year. The total traded volume so far in the day stood at 17.81 times its 30-day average. The relative strength index was at 77.59, which implied the stock is overbought.
Out of 20 analysts tracking the company, 16 maintain a 'buy' rating, two recommend a 'hold,' and two suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 1.2%
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