Shares of this Real Estate stock under the ‘small-cap’ category hit its 52-week high mark after HDFC Mutual Fund bought an additional stake in the company. In the last six months, the company’s stock has gained more than 25 percent.
With a market capitalization of Rs 9,234.13 crores, the stocks of PNC Infratech Limited started their trading session on Wednesday at Rs 361 and currently trade at Rs 359.95.
The scrip observed an intra-day high, also marked as the company’s fresh 52-week high level, of Rs 372.15 exhibiting a gain of around 3.60 percent as compared to the previous close of Rs 359.25 apiece.
According to a recent regulatory filing published with the Bombay Stock Exchange (BSE), the company intimated about HDFC Mutual Fund buying an additional stake of 2.02 percent, i.e., 51.94 lakh shares, in PNC Infratech Limited via open market transactions. The date of acquisition was September 11, 2023.
Pre-acquisition, HDFC Mutual Fund held around 1.85 crore shares which equated to a 7.22 percent stake in the company. Post the acquisition, the Fund holds around 2.37 crore shares which is equivalent to a 9.24 percent stake in the company.
Having a glance at the financials for the most recent financial years, the basic business parameters of the company such as the operating revenues as well as after-tax profits have shown decent improvements.
The operating revenues rose from Rs 7,021.69 crores during FY21-22 to Rs 7,898.28 crores during FY22-23, and, the after-tax profits, during the same time horizon, took a shift from Rs 580.43 crores to Rs 658.45 crores.
The latest shareholding pattern data, as per the quarter ended June 2023, showcase the company’s Promoters holding a 56.07 percent stake, and the Foreign Institutional Investors (FIIs) holding a 10.26 percent stake in the company.
PNC Infratech Limited is an infrastructure company engaged in the business of constructing bridges, highways, flyovers, power transmission lines, etc. The company operates across various states in India including Karnataka, Delhi, Maharashtra, and many more.
Written by Amit Madnani
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