HCC gains as infra arm sells stake in Dhule Palesner Tollway project

Hindustan Construction Company rose 1.34% to Rs 34.15 at 12:34 IST on BSE after the firm said that its infrastructure development arm announced sale of its stake in Dhule Palesner Tollway to the firm's JV partner viz. Sadbhav Group for Rs 204 crore.

Shares of Sadbhav Engineering were down 0.75% at Rs 358.25.

Meanwhile, the S&P BSE Sensex was down 236.07 points or 0.82% at 28,563.62.

On BSE, so far 24.02 lakh shares of HCC exchanged hands in the counter as against average daily volume of 17.83 lakh shares in the past one quarter.

The stock hit a high of Rs 35.40 and a low of Rs 32.95 so far during the day. The stock had hit a 52-week high of Rs 49 on 1 July 2014. The stock had hit a 52-week low of Rs 17.55 on 16 April 2014.

The stock had underperformed the market over the past one month till 15 April 2015, advancing 0.45% compared with Sensex's 1.04% rise. The scrip had, however, outperformed the market in past one quarter, surging 10.86% as against Sensex's 2.58% rise.

The small-cap company has equity capital of Rs 77.92 crore. Face value per share is Re 1.

HCC Concessions, the infrastructure development arm of the HCC Group announced the sale of its stake in Dhule Palesner Tollway to the Sadbhav Group, HCC's JV partner in the project, for Rs 204 crore. HCC Concessions is also expected to realize an estimated amount of Rs 24 crore from additional claims to be made to the NHAI, towards this project, HCC said. The deal is subject to receipt of necessary clearances and is expected to close shortly, HCC said.

HCC's net profit rose 403.5% to Rs 27.14 crore on 28.5% growth in net sales to Rs 1094.69 crore in Q3 December 2014 over Q3 December 2013.

HCC Group delivers engineering & construction services.

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