HDIL surges after launch of residential project

Housing Development & Infrastructure surged 5.18% to Rs 94.40 at 11:55 IST on BSE after the company said it has launched a new residential project at Mulund, Mumbai.

The announcement was made after market hours yesterday, 20 April 2017.

Meanwhile, the S&P BSE Sensex was up 66.68 points or 0.23% at 29,489.07. The S&P BSE Mid-Cap index was up 69.10 points or 0.48% at 14,554.59.

On the BSE, 15.97 lakh shares were traded on the counter so far as against the average daily volumes of 17.42 lakh shares in the past one quarter. The stock had hit a high of Rs 94.80 and a low of Rs 90.50 so far during the day.

The stock had hit a 52-week high of Rs 108.75 on 12 July 2016 and a 52-week low of Rs 52.25 on 27 December 2016. It had outperformed the market over the past one month till 20 April 2017, advancing 17.86% compared with the Sensex's 0.33% fall. The scrip had also outperformed the market over the past one quarter, surging 48.59% as against the Sensex's 8.83% rise.

The mid-cap company has equity capital of Rs 434 crore. Face value per share is Rs 10.

Housing Development & Infrastructure (HDIL) announced that it has launched a new project 'The Nest' at Mulund, Mumbai, under the affordable housing brand 'Budget Homes', having 263 units open for sale in phase 1 of the project.

HDIL's consolidated net profit dropped 83.8% to Rs 16.23 crore on 65.5% decline in net sales to Rs 109.32 crore in Q3 December 2016 over Q3 December 2015.

HDIL is a real estate development company, with significant operations in the Mumbai Metropolitan Region.

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