PNC Infratech dropped 6.24% to Rs 431.50 as traders booked profits after a recent steep rise.
Shares of PNC Infratech jumped 12.33% in the past three sessions. It has risen 32% in three months and 53% in one year.On the technical front, the stock's daily RSI (relative strength index) stood at 55.42. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 396.66, 368.31 and 353.55, respectively. These levels will act as crucial support zones in near term.
PNC Infratech is engaged in India's infrastructure development through the construction of highways including BOT (built, operate and transfer projects), HAM (Hybrid Annuity Model), airport runways, bridges, flyovers and power transmission projects, among others.
The companys consolidated net profit jumped 32.4% to Rs 185 crore on 13.5% increase in net sales to Rs 2046.64 crore in Q3 FY24 over Q3 FY23.
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