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Pannergy Rises to Four-Month High on 1 Billion-Forint Subsidy

Sept. 24 (Bloomberg) -- Pannergy Nyrt., a Hungarian renewable energy company, climbed to the highest in more than four months after receiving a subsidy of 1 billion forint ($4.5 million) for a geothermal project.

The shares rose as much as 1.3 percent and traded 0.5 percent up at 621 forint by the close in Budapest, the highest since May 7. The benchmark BUX stock index advanced 0.3 percent.

The subsidy Pannergy obtained is equivalent to 46 forint per share, more than the eight forints the stock rose on Sept. 21, the day of the announcement, analysts at Erste Group Bank AG in Budapest wrote in a research report today.

“We view the news as positive,” Peter Szentirmai, a Budapest-based analyst at the broker unit of KBC Groep NV, wrote in an e-mailed report.

To contact the reporter on this story: Andras Gergely in Budapest at agergely@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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