Shares of state-owned Housing and Urban Development Corporation Ltd (HUDCO), which has been instrumental in the implementation of various initiatives in urban infrastructure and social housing projects, surged 20 per cent on Thursday to hit a fresh 52-week high of Rs 119.44. The counter started the trading session at Rs 100.89 against the previous close of Rs 99.54. But it went on to zoom 20 per cent on the back over the five-fold jump in average trading volumes. 

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However, it gave up some gains to close at Rs 111.31 at the end of the session.

The scrip has been gaining for the last four days and has risen 22.64 per cent in this period. Shares of HUDCO, which now has a market capitalisation of Rs 22,283.15, outperformed the sector by 11.33 per cent.

As per the data available on the BSE, the stock has surged more than 55 per cent in three months.  

The counter surged 20 per cent on the day the benchmark equity indices Sensex and Nifty rallied over 1 per cent to hit all-time highs. 

Housing and Urban Development Corporation (HUDCO) provides loans for housing and urban infrastructure projects. It reported a 19 per cent decline in its consolidated net profit to Rs 370.40 crore for the second quarter ended September 30.

Its profit stood at Rs 457.25 crore in the year-ago period.

Earlier in October, the government raised Rs 1,050 crore by selling a partial stake in HUDCO through OFS. The government had sold 132.88 million equity shares or 6.64 per cent of total equity of the company via OFS, the exchange data shows. Post-stake sale, the government owns 75.17 per cent of HUDCO's shareholding.