 "HUDCO hits lowest level since listing")
Housing and Urban Development Corporation (HUDCO) hit its lowest level since listing at Rs 63.45, down 1% on the BSE. The stock of state-owned housing finance company was quoting lower for the ninth straight trading days, falling 7% during the period. It is trading close to its issue price of Rs 60 per share.
Since listing on May 19, 2017, HUDCO underperformed the market by falling 12% as compared to 15% rise in the S&P BSE Sensex.
HUDCO had made a strong debut on the stock exchanges. The shares listed at Rs 73.45, a 22% premium over its issue price of Rs 60 on the BSE. The stock gained as much as 30% to Rs 77.80 intraday but settled with a gain of 21%, closing at Rs 72.50 on first day of listing. The stock corrected 38% from its 52-week high of Rs 102 touched on July 14, 2017 in intra-day trade.
Post December 2017 quarter results, the stock down 20% from Rs 80 on February 2, 2018, after the company reported 10% year on year dropped in net profit at Rs 1.63 billion, due to higher provision for loans. It had profit of Rs 1.82 billion during the same quarter last year.
Since listing on May 19, 2017, HUDCO underperformed the market by falling 12% as compared to 15% rise in the S&P BSE Sensex.
HUDCO had made a strong debut on the stock exchanges. The shares listed at Rs 73.45, a 22% premium over its issue price of Rs 60 on the BSE. The stock gained as much as 30% to Rs 77.80 intraday but settled with a gain of 21%, closing at Rs 72.50 on first day of listing. The stock corrected 38% from its 52-week high of Rs 102 touched on July 14, 2017 in intra-day trade.
Post December 2017 quarter results, the stock down 20% from Rs 80 on February 2, 2018, after the company reported 10% year on year dropped in net profit at Rs 1.63 billion, due to higher provision for loans. It had profit of Rs 1.82 billion during the same quarter last year.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%