HUDCO board to meet on March 20—here's why; PSU's shares slip

HUDCO dividend, HUDCO board meeting, HUDCO share price: Shares of state-owned Housing and Urban Development Corporation Ltd (HUDCO) hogged the limelight on Monday, March 18, ahead of the PSU firm's scheduled meeting later this week. The PSU firm's stock dipped nearly four per cent to the day's low of Rs 181.4 on NSE in morning deals.

The company's board is scheduled to meet on Wednesday, March 20, to consider and approve the raising of funds through the issue of bonds or debentures up to Rs 40,000 crore along with the dividend payout to its shareholders as intimated earlier on March 13, 2024.

The board will also consider an increase in the overall borrowing limit to Rs 1,50,000 crore from the existing limit of Rs 1,00,000 crore.

In a filing dated March 15, the company said," We wish to further intimate that the Board along with the above-stated agenda, will also consider the matters relating to:

i. Raising of funds through issue of bonds/debentures, up to a maximum amount of Rs. 40,000 Crore during financial year 2024-25, depending upon actual funds requirement; and

ii. Increase in overall borrowing limit to Rs. 1,50,000 crore from the existing limit of Rs.1,00,000 Crore as earlier approved by shareholders u/s 180(1)(c) of the Companies Act, 2013, subject to the approval of same by Shareholders."

HUDCO dividend record date 2024

Meanwhile, the record date for determining the entitlement of the shareholders for the payment of the interim dividend will be Friday, March 29, subject to the approval of the Board of Directors.

HUDCO share price history 

The 52-week high price of HUDCO shares on NSE is Rs 226.45 apiece (February 2, 2024) and the 52-week low is Rs 40.4 (March 29, 2023) apiece, respectively.

HUDCO has a market capitalisation of Rs 36,694.83 crore, as per NSE. HUDCO shares have offered a return of over 310 per cent in the last 12 months and rallied over 150 per cent in the last six months. In the last 12 months, the benchmark index has rallied nearly 30 per cent.

How did HUDCO perform in Q3?

The company reported a more than two-fold rise in standalone profit after tax to Rs 519.19 crore in the three months ended December 2023. Revenue from operations in the latest December quarter increased 18 per cent to Rs 2,012.66 crore. Read more on HUDCO Q3 results here