HDIL surges as promoters revoke pledged shares

Housing Development & Infrastructure jumped 4.14% to Rs 85.50 at 12:34 IST on BSE after the company said that promoters have revoked all shares earlier pledged with IL&FS Trust Company.

The announcement was made during market hours today, 30 September 2014.

Meanwhile, the S&P BSE Sensex was up 82.36 points or 0.31% at 26,679.47.

On BSE, so far 14.95 lakh shares were traded in the counter as against average daily volume of 30.43 lakh shares in the past one quarter.

The stock hit a high of Rs 86.45 and a low of Rs 83.90 so far during the day. The stock had hit a 52-week high of Rs 113.85 on 9 June 2014. The stock had hit a 52-week low of Rs 35.70 on 30 September 2013.

The stock had underperformed the market over the past one month till 29 September 2014, sliding 9.18% compared with Sensex's 0.15% fall. The scrip had also underperformed the market in past one quarter, declining 15.27% as against Sensex's 5.96% rise.

The mid-cap company has equity capital of Rs 419 crore. Face value per share is Rs 10.

Housing Development & Infrastructure (HDIL)'s promoters have revoked all shares pledged with IL&FS Trust Company. IL&FS Trust has released over 7.54 crore equity shares of promoters, including those of Rakesh Kumar Wadhawan. The released shares in the latest tranche comprise 51.89% of the total shares pledged by promoter group.

IL&FS Trust had earlier released 7 crore equity shares, comprising 48.11% of the total pledged shares of promoter group.

With the latest release of pledged shares by IL&FS Trust, the total number of pledged shares by HDIL promoters now stands nil, the company said.

HDIL's net profit jumped 148.6% to Rs 60.06 crore on 124.2% growth in net sales to Rs 237.81 crore in Q1 June 2014 over Q1 June 2013.

HDIL is engaged in real estate development business.

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