HCC recovers from 52-week low

Hindustan Construction Company rose 3.97% to Rs 24.85 at 14:18 IST on BSE, with the stock recovering on bargain buying after hitting 52-week low in intraday today, 23 March 2018.

Meanwhile, the S&P BSE Sensex was down 388.04 points or 1.18% at 32,618.23. The S&P BSE Small-Cap index declined 1.84%, underperforming the Sensex.

On the BSE, 63.19 lakh shares were traded on the counter so far as against the average daily volumes of 17.84 lakh shares in the past one quarter. The stock had hit a low of Rs 21.80 so far during the day, which is a 52-week low. The stock hit a high of Rs 25.30 so far during the day. The stock had hit a 52-week high of Rs 48 on 25 April 2017.

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

Shares of Hindustan Construction Company (HCC) had tumbled 26% in the previous five trading sessions to settle at Rs 23.90 yesterday, 22 March 2018, from its close of Rs 32.30 on 15 March 2018.

HCC issued a clarification during market hours yesterday, 22 March 2018 with regard to media news titled "HCC subsidiary Lavasa Corp headed for bankruptcy". HCC said that the media news item is misleading and without any basis. Lavasa Corporation (Lavasa) has been working jointly with the consortium of lenders for a financial solution for Lavasa. Due to RBI's recent notification on IBC, the process has been slowed down till further clarity on the finer nuances of the revised framework emerge, HCC said in a statement.

Lavasa is hopeful of a comprehensive solution for its debt recast once the revised framework is deliberated to the satisfaction of all involved, HCC said. Lavasa's top priority is to safeguard the interests of all stakeholders, including the home buyers, who have believed in and supported the project, HCC said in a statement.

HCC's net profit surged 588.1% to Rs 31.31 crore on 30.4% growth in net sales to Rs 1230.93 crore in Q3 December 2017 over Q3 December 2016.

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

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