PNC Infratech is reported to have finalised a deal to sell 12 of its road assets to private equity investor KKR. Some of its peers got better price-to-book multiples in similar deals. Yet, most brokerages which have a strong buy rating on the stock see further rerating post-deal announcement. Will smart money continue to chase the company?
Chirag Setalvad, who took over as the head of equities of HDFC Asset Management Company in August 2022, must be a happy man these days. As of March this year, the small-cap fund managed by Setalvad had a 9% stake in PNC Infratech. Shares of the construction and engineering company have zoomed 49% in the last one year, outperforming while the Nifty Small Cap Index has risen 37% and the Nifty 50 around 22% in the same period.Though the stock makes
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