HCC jumps as infra arm completes 74% stake-sale in an annuity project

Hindustan Construction Company rose 3.96% to Rs 26.25 at 13:26 IST on BSE after the company said its infrastructure development subsidiary HCC Concessions has completed 74% stake-sale in its annuity project in Andhra Pradesh to Highway Concession One

The announcement was made during market hours today, 24 December 2015.

Meanwhile, the S&P BSE Sensex was almost unchanged at Rs 25.850.81.

On BSE, so far 14.68 lakh shares were traded in the counter as against average daily volume of 16.59 lakh shares in the past one quarter.

The stock was volatile. The stock surged as much as 7.32% at the day's high of Rs 27.10 so far during the day. The stock fell as much as 1.58% at the day's low of Rs 24.85 so far during the day. The stock had hit a 52-week high of Rs 40.90 on 3 March 2015. The stock had hit a 52-week low of Rs 16.35 on 25 August 2015.

The stock had outperformed the market over the past one month till 23 December 2015, gaining 1.41% compared with Sensex's 0.12% rise. The scrip had also outperformed the market in past one quarter, surging 41.46% as against Sensex's 0.11% rise.

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

Hindustan Construction Company (HCC) said that its subsidiary HCC Concessions has completed 74% stake-sale of Nirmal BOT, its annuity project in Andhra Pradesh to Highway Concession One, an entity majorly held by IDFC Alternatives managed India Infrastructure Fund. Consequently Nirmal BOT ceased to be a subsidiary of HCC Concessions and HCC.

HCC has received a gross consideration of Rs 64 crore in tranches for the sale of 74% stake in Nirmal BOT.

Nirmal BOT contributed 0.46% to the consolidated turnover of HCC during the last financial year.

HCC's net profit rose 468.6% to Rs 38.44 crore on 0.4% growth in net sales to Rs 935.73 crore in Q2 September 2015 over Q2 September 2014.

HCC is a business group of global scale developing and building responsible infrastructure through next practices. The company serves the infrastructure sectors of transportation, power and water.

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