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HUDCO shares surge nearly 30 percent on trading debut


By Swati Bhat and Samantha Kareen NairMUMBAI/BENGALURU (Reuters) - Shares in India's Housing and Urban Development Corp Ltd (HUDCO) surged nearly 30 percent at their market debut on Friday as investors sought to buy into the property sector of a country where housing demand is among the highest in the world.HUDCO is the first state-run company to list on the stock exchange in five years. The government sold just over a tenth of its stake in a heavily oversubscribed initial public offering that raised 12.2 billion rupees ($188 million). Shares in the company, which finances housing and urban ...

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First Published: Fri, May 19 2017. 13:23 IST