HDIL tumbles on getting property possession notice from bank

Housing Development and Infrastructure fell 4.14% to Rs 89.20 at 14:38 IST on BSE on reports a bank has seized one of the company's properties at Kurla due to non-repayment of loan.

Meanwhile, the S&P BSE Sensex was down 53.09 points, or 0.17% to 31,218.19.

On the BSE, 30.18 lakh shares were traded in the counter so far, compared with average daily volumes of 22.66 lakh shares in the past one quarter. The stock had hit a high of Rs 92.30 and a low of Rs 88.30 so far during the day. The stock hit a 52-week high of Rs 108.75 on 12 July 2016. The stock hit a 52-week low of Rs 52.25 on 27 December 2016.

The stock had underperformed the market over the past one month till 7 June 2017, falling 4.22% compared with 4.47% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 30.23% as against Sensex's 8.10% rise. The scrip had underperformed the market in past one year, falling 4.12% as against Sensex's 15.73% rise.

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

According to reports, Housing Development and Infrastructure (HDIL) owes Rs 144 crore loan amount to Central Bank of India. It failed to repay, and the bank has taken symbolic possession of its property in Kurla West. While the bank says it is carrying out the procedures required under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, HDIL has called it a technical default.

Meanwhile, HDIL clarified during trading hours today, 8 June 2017, that it received the possession notice from the Central bank of India on account of non-performing assets (NPA) due to technical reasons. The company has written to the Central bank of India for closure of the said loan and reply is awaited.

HDIL's consolidated net profit rose 28% to Rs 60.88 crore on 61.62% decline in net sales to Rs 129.51 crore in Q4 March 2017 over Q4 March 2016.

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

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