KNR Constructions went up almost 9% to Rs.224.50, a 3-month high. Though the company’s performance for Q2FY19 was disappointing, today the stock is seeing some value buying on the back of optimistic report put out by India Ratings and Research post the analyst meet.
The rating agency revised the outlook for the company from stable to positive, with a rating at A+.
Though the rating agency expects the revenue growth to be muted in FY19, it expects it to take off from FY20 once its five Hybrid Annuity Mode (HAM) projects get implemented by end of FY19.
Other brokerage houses too have put out positive reports and that’s the only reason why the stock is seeing so much action today.