HDFC Securities see an upside of 30% in PNC Infratech stock1 min read . Updated: 10 Jan 2021, 08:07 AM IST
- The stock has gained over 17% in the last three months
- The share of PNC Infratech is at par with the price one year ago.
HDFC Securities recommends buy rating to the PNC Infratech stock . It sees an upside of over 30% in the stock in a time frame of upto three months. Incorporated in the year 1999, PNC Infratech Limited is one of the front-ending infrastructure development, construction and management companies in the country. On Wednesday, shares of PNC Infratech Ltd lost 5.59% to close at ₹174.80 on BSE, over the previous close as CN Infrabuild Pvt Ltd sold 2.55 crore shares or 9.95% of equity of PNC Infratech worth over ₹447 crore through an open market transaction.
On the BSE, the entity sold 2,55,34,008 shares of PNC Infratech at an average price of ₹175.12 apiece aggregating to ₹447.15 crore. The scrips were bought by several entities at same price through separate transactions.
However, the share has gained 10% since the closing Wednesday as the asset management companies or mutual funds lapped up the shares.
Axis Mutual Fund picked up 22 lakh shares, Max Life Insurance Company 12.75 lakh scrips, PCA India Infrastructure Equity Open 8.18 lakh shares, Nomura Singapore 7.5 lakh shares, and Goldman Sachs Investments (Mauritius) I bought 7.5 lakh shares, block deal data showed. Aurigin Master Fund got 5.75 lakh scrips, BNP Paribas Arbitrage 20.8 lakh shares and Nipon India Mutual Fund bought 25 lakh scrips, the data showed.
The stock has gained over 17% in the last three months. The share of PNC Infratech is at par with the price one year ago. The share price has gained over 6% in the last one month.