The shares of Housing and Urban Development Corporation Limited opened higher on Wednesday at Rs 49.15. It rallied by more than 12 per cent to reach its new 52-week high of Rs 55.20 in the early hours.
In the past month, the stock has gained approximately 49 per cent. The stock majorly rallied after the company reported strong Q2 results.
In Q2FY23, the company reported a total revenue of Rs 1,738 Crore which grew marginally from Rs 1,736 Crore Year on Year (YoY) however declined from Rs 1,749 Crore Quarter on Quarter (QoQ).
In the quarter under review, their net profit stood at Rs 396 Crore up from Rs 370 Crore in Q2FY22. In the previous quarter, their net profit stood at Rs 411 Crore.
The Housing and Urban Development Corporation Limited (HUDCO) is a public-sector undertaking that provides financial assistance to the public-sector enterprise, in the field of housing and infrastructure development.
The stock reached its previous 52-week high of Rs 102.35 in July 2017. Currently, it is trading at a discount of approximately 41 percent from those levels. On a Year to Date (YTD) basis, the stock price has risen from Rs 39.75 in January to the current levels logging a return of 35.85 percent.
The company has a market capitalization of Rs 10,750 Crore and a dividend yield of 6.52% as of November 30th, 2022.
The promoters hold an 81.81 percent stake in the company with zero shares pledged. In addition to that, Life Insurance Corporation Of India holds a 5.78 percent stake in HUDCO.
Written by Anoushka Roy
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