"Notwithstanding near-term hiccups on account of Covid-19, PNC is likely to tide over with resilient fundamentals. While monetisation of Build–operate–transfer (BOT) / Hybrid Annuity Model (HAM) assets could be delayed in the near term, we do not see it as a major issue with sufficient internal accruals from current order book enough for equity infusion. We maintain our BUY rating on the stock with a revised sum-of-the-parts (SoTP) target price of Rs 175/share," the brokerage said in a report issued on June 28.
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