HCC declines after weak Q2 numbers

Hindustan Construction Company lost 3.68% to Rs 37.95 at 12:48 IST on BSE after net profit fell 49.7% to Rs 11.60 crore on 6.5% growth in net sales to Rs 970.75 crore in Q2 September 2017 over Q2 September 2016.

The result was announced after market hours yesterday, 2 November 2017.

Meanwhile, the S&P BSE Sensex was up 68.57 points or 0.2% at 33,641.79. The S&P BSE Mid-Cap index advanced 13.55 points or 0.08% at 16,738.90, underperforming the Sensex.

On the BSE, 17.63 lakh shares were traded on the counter so far as against average daily volumes of 13.25 lakh shares in the past one quarter. The stock had hit a high of Rs 39 and a low of Rs 37.15 so far during the day. The stock had hit a 52-week high of Rs 48 on 25 April 2017 and a 52-week low of Rs 29 on 9 November 2016.

The stock had outperformed the market over the past one month till 2 November 2017, advancing 14.87% compared with the Sensex's 7.32% rise. The stock had, however, underperformed the market over the past one quarter, sliding 3.55% as against the Sensex's 3.38% rise. The scrip had also underperformed the market over the past one year, gaining 9.44% as against the Sensex's 21.96% rise.

The mid-cap company has equity capital of Rs 101.55 crore. Face value per share is Rs 1.

Hindustan Construction Company (HCC) said it currently has Rs 4273 crore of arbitration awards in its favour, of which HCC has procured letters from government agencies for immediate release of Rs 1930 crore (pursuant to the recent cabinet order), of which Rs 1097 crore has already been received.

Separately, HCC said during market hours today, 3 November 2017 that the company as a lead partner in the joint venture with AL FARA'A, has been awarded Rs 497.09 crore contract by the Maharashtra Metro Rail Corporation for Pune Metro Rail Project. HCC's share in the joint venture (JV) is 51% i.e. Rs 253.50 crore. The project is to be completed in 110 weeks.

HCC serves the infrastructure sectors of transportation, power and water.

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