HDIL rebounds on heavy volumes

A foreign brokerage has put an outperform rating on the stock.

Housing Development and Infrastructure (HDIL) has surged 14% to Rs 84.90, bouncing back almost 25% from intra-day low on back of heavy volumes.

As many as a combined 96.27 million shares have already changed hands on the counter so far against an average sub 44 million shares that were traded daily in past two weeks on both the exchanges.

According to CNBC TV18 reports, the research firm Macquarie has put an outperform rating on the stock.

However, Macquarie said investors need more clarity from the management on land transactions and other concerns before confidence is restored, added report.

The stock opened at Rs 73.40 and hit a low of Rs 68 in early morning deals after the overseas had sold shares worth of Rs 100 crore on Thursday through bulk deals on NSE.

Credit Suisse (Singapore), DB International Asia and Stichting Pensioenfonds ABP had collectively sold 13.81 million shares amounting of Rs 112 crore of the Mumbai-based real estate firm via bulk deals .