Midcap infra stock zooms to all-time high of Rs 513 per share; this is the latest trigger

PNC Infratech (PNCINFRA) Share Price, Market News: PNC Infratech (PNCINFRA) shares were in high demand on Wednesday after the private sector infrastructure construction, development and management company emerged the lowest bidder for two of Maharashtra State Road Development Corporation's EPC road projects worth an estimated Rs 4,994 crore. The midcap stock jumped by as much as Rs 55.8, or 12.2 per cent, to a record Rs 512.6 apiece on BSE, surpassing an earlier peak of Rs 479.2, touched last month. 

At 11:30 am, PNC Infratech shares held on to much of their intraday gains, trading up 11.4 per cent for the day at Rs 508.8 apiece with heavy volumes. As many as 2.7 lakh shares changed hands for the day so far, sharply higher than a daily average of 28,000 recorded in the past two weeks, according to provisional data from BSE. 

Both projects have a construction period of 30 months, according to a regulatory filing. 

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PNC Infratech Q4 FY24 Results Date

PNC Infratech is scheduled to report its financial results for the quarter as well as the year ended March 31, 2024, on Friday, May 24. 

PNC Infratech Q3 FY24 Results Summary

For the October-December period, PNC Infratech registered a standalone net profit of Rs 151.1 crore, up 16.8 per cent compared with the corresponding quarter a year ago. Its third-quarter revenue grew 10.8 per cent on a year-on-year basis to Rs 1,802.7 crore, according to a regulatory filing.

PNCINFRA Shares: Past Performance

PNC Infratech shares have rewarded investors with a 60 per cent return in a year, sharply outperforming a 23 per cent gain in the headline Nifty50 index.

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