HDIL spurts after promoter hikes stake

HDIL spurted 12.78% to Rs 17.65 on the BSE after the company announced that it allocated shares to one its promoters towards conversion of share warrants.

The announcement was made on Saturday, 22 June 2019.

Meanwhile, the S&P BSE Sensex was down by 61.57 points, or 0.16% to 39,132.92.

On the BSE, 6.55 lakh shares were traded in the counter so far compared with average daily volumes of 2.99 lakh shares in the past two weeks. The stock had hit a high of Rs 18.25 and a low of Rs 15.75 so far during the day. It hit a 52-week high of Rs 35.65 on 3 September 2018 and a 52-week low of Rs 13.05 on 20 June 2019.

Housing Development and Infrastructure (HDIL) announced allotment of 2 crore equity shares to one of its promoter, Sarang Wadhawan, upon conversion of share warrants. Post transaction, Sarang Wadhawan's stake in HDIL increased from 8.63% to 12.48%.

On a consolidated basis, HDIL's net profit fell 10.3% to Rs 7.48 crore on a 28.2% fall in the net sales to Rs 29.68 crore in Q4 March 2019 over Q4 March 2018.

HDIL is one of India's premier real estate development companies, with significant operations in the Mumbai Metropolitan Region.

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