Shares of PNC Infratech surged 17.2% to hit a 52-week high of ₹535.40 apiece on the BSE after the company bagged orders worth ₹4,994 crore from the Maharashtra State Road Development Corporation.
In the January to March quarter of FY24, the revenue of operations of the auto platform stood at ₹145.27 crore, up 51.5%, as against ₹95.86 crore in the same period last year.
Despite beating analysts' estimates, in the March quarter of FY24, the company’s consolidated net profit declined by 8% to ₹2,385 crore, as against ₹3,074 crore in the corresponding period last year.
Ace investor and D-Mart founder and chairman Radhakishna Damani reportedly bought an additional 1.51% stake or 2.33 lakh shares of the company on April 15.
The beleaguered telecom operator plans to use ₹12,750 crore from the FPO to purchase equipment to expand its 4G and 5G network as well as existing capacities.