PNC Infratech has set up a new wholly owned subsidiary, PNC Renewable Energy Private Limited, to take on projects in the renewable energy sector.
The company said any transactions between PNC Infratech and the new subsidiary will be conducted at arm’s length. The subsidiary is yet to start its business operations.
PNC Infratech’s stock fell 1.46% on Monday, closing at ₹284.40 on the BSE. The stock has shown high volatility over the past year, with a 52-week low of ₹235.70 and a high of ₹470.40.
Its relative strength index (RSI) is 29.5, which shows the stock is currently oversold, and the share price is below its short- and long-term average prices.
PNC Infratech provides all kinds of infrastructure services, including EPC projects and public-private partnership work.
Its new renewable energy subsidiary shows the company is moving into the growing green energy sector.
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