Up 200% in 6 months: This Navratna PSU stock can give up to 9% gain in 2-3 days

Indian stock market opened in the red today, May 30, 2024. At 12.58 PM, Sensex was at 74,181.93, down 0.43 per cent and Nifty was at 22,597.65, down 0.47 per cent.

Meanwhile, brokerage Motilal Oswal has selected this Navratna PSU stock for short-term gain.

Navratna PSU stock

The brokerage has chosen Housing and Urban Development Corporation Ltd. (HUDCO) for its investors to buy for just 2-3 days. 

HUDCO- Target price

Brokerage Motilal Oswal has chosen Hudco as a technical pick from a 2-3 day perspective. The target has been kept at Rs 285. On May 30, 2024, the shares of HUDCO closed at Rs 261.70. In this way, the stock may rise by 8-9 per cent from the current price.

The views/suggestions/advice expressed here in this article are solely by the brokerage firm. Zee Business suggests its readers consult their investment advisers before making any financial decision.

HUDCO is a policy organisation that finances housing and non-commercial urban infrastructure projects. The National Housing Bank regulates it, and the Ministry of Housing and Urban Affairs oversees it administratively.

HUDCO- Q4FY24 results

Last Friday, state-owned HUDCO reported its financial results for the quarter ended on March 31, 2024. The company reported a 9.54 per cent rise in consolidated net profit to Rs 700.16 crore for the fourth quarter of FY24. Its net profit stood at Rs 639.14 crore in the year-ago period.

HUDCO's total income rose to Rs 2,194.04 crore in the March 2024 quarter from Rs 1,862.41 crore a year ago, according to a regulatory filing.

HUDCO- Dividend

Alongwith announcing its Q4 results, the board of directors of HUDCO recommended a final dividend of Rs 2.65 per equity share of face value of Rs 10 each for 2023-24. However, this is subject to the approval of the company's shareholders.

HUDCO- Share price history

The stock has given tremendous returns to investors in the last year. The stock has been up 370 per cent in a year. While in the last 6 months, the stock has gained more than 200 per cent. So far in 2024, the stock has given a 110 per cent return. The 52-week high of the stock on BSE is 277.95 and the low is 277.95. The market cap of the company is more than Rs 53,851 crore.