HUDCO Marks Record High with 15% Surge; Set for Best Week in Three Months

State-owned HUDCO (Housing & Urban Development Corporation Ltd.) witnessed a monumental surge today, reaching an all-time high with a 15% rise, peaking at Rs 233.85. This marks the sixth consecutive day of gains for the company, amidst a positive streak of trading sessions.

The stock is up by almost 20% for the week, on track to deliver its most impressive performance in three months. HUDCO has been showcasing a strong start in 2024, with a remarkable 24% increase in April, following an 11% surge in February and a notable 37% growth in January. Although March saw a minor 2% decline, the year-to-date performance reveals a substantial rise of nearly 80% for the company.

HUDCO’s shares soared by 141% in the previous calendar year, with 2023 marking the second consecutive year of positive returns, having also gained 34% in 2022. The company’s financial figures for the December quarter showcased a noteworthy more than doubling of the net profit to Rs 519.2 crore and an 18% revenue growth to Rs 2,012.66 crore. Additionally, the gross non-performing assets (NPA) reduced to 3.14% from the previous year-end figure of 4.27%.

With the recent government grant of "Navratna" status and the current market capitalization surpassing Rs 46,454 crore, HUDCO continues to strengthen its position in the market. Trading volumes have been robust, with a significant increase in shares traded compared to the 20-day average.