HUDCO share price hits record high after signing ₹14,500 crore MoU with Gujarat government
Stock market today: Shares of Housing and Urban Development Corporation Ltd have been in cntinuous uptrend after ushering in 2023. In YTD time, HUDCO share price ha risen from around ₹53.50 to ₹135.65 apiece levels, delivering to the tune of 150 per cent return to its positional investors. So, it is one of the multibagger stocks that Indian stock market has delivered in 2023. However, it seems that HUDCO share price still possess some steam for upside movement.
HUDCO share price today opened upside and went on to touch new life-time high of ₹135.65 apiece within few hours of stock market’s opening bell, logging over 18 per intraday cent rise.
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Speaking on the reason for rise in HUDCO share price, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “HUDCO has signed an MoU with the State Government of Gujarat for financing the Housing and Urban Infrastructure projects in the state. The MoU is worth ₹14,500 crore. This is the reason for skyrocketing HUDCO share price today.”
HUDCO Gujarat government MoU
In stock market exchange filing on Wednesday, HUDCO said, “HUDCO has executed a Memorandum of Understanding with the State Government of Gujarat for an investment up to ₹14,500 Crore for financing the Housing and Urban Infrastructure projects in the State of Gujarat. The State Government of Gujarat intends for overall development of the State of Gujarat by implementing various housing and infrastructure projects in the State of Gujarat. HUDCO being a techno-financial institution, in the business of providing financial assistance for housing and urban development projects in the country, thus catering to the various requirements of all sectors thereof, playing a vital role in strengthening the social and economic fundamentals of India thereby playing a pivotal role in building assets for the Nation.”
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HUDCO expressed its interest in executing this MoU for an investment up to Rs.14,500 Crore under Financial Services Sector in the form of financial assistance, as per its objectives and guidelines to the State Government of Gujarat for eligible sector projects through term loan for Infrastructure projects.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.
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Published: 28 Dec 2023, 12:36 PM IST
