ICICI Direct is bullish on PNC Infratech has recommended buy rating on the stock with a target price of Rs 165 in its research report dated April 20, 2017.
ICICI Direct's report on PNC Infratech
PNC has been recently declared lowest bidder (L1) in two big-ticket hybrid annuity (HAM) projects from NHAI worth Rs 2720 crore. It consists of four laning of two sections of Jhansi-Khajuraho highway in Madhya Pradesh and Uttar Pradesh.
We have also introduced FY19 estimates and we anticipate topline & bottomline to grow by 31.3% & 20.3% respectively. We have also rolled over our valuation to FY19E and maintain our BUY recommendation on the stock with a revised Target Price of Rs 165.
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