Hindustan Construction gains after its JV wins contract

Hindustan Construction Company rose 1.78% to Rs 34.40 at 13:40 IST on BSE after the company announced that its joint venture with VCCL has been awarded Rs 367.72 crore contract by the Northeast Frontier Railway.

The announcement was made during market hours today, 14 October 2016.

Meanwhile, the S&P BSE Sensex was up 20.82 points or 0.11% at 27,672.73.

On BSE, so far 5.22 lakh shares were traded in the counter as against average daily volume of 24.79 lakh shares in the past one quarter. The stock hit a high of Rs 34.90 and a low of Rs 33.80 so far during the day. The stock had hit a 52-week high of Rs 41.90 on 14 September 2016. The stock had hit a 52-week low of Rs 16.60 on 12 February 2016. The stock had underperformed the market over the past one month till 13 October 2016, falling 11.29% compared with 2.51% fall in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 40.54% as against Sensex's 0.62% drop.

The mid-cap company has equity capital of Rs 77.92 crore. Face value per share is Rs 1.

Hindustan Construction Company (HCC) said that the contract is for construction of a safety tunnel between Tupul and Imphal in Manipur state. This is part of the new railway line project being constructed between Jinbam and Imphal of Northeast Frontier Railway. The project is to be completed in 4 years.

Net profit of Hindustan Construction Company (HCC) rose 17.5% to Rs 10.88 crore on 1.7% rise in net sales to Rs 899.32 crore in Q1 June 2016 over Q1 June 2015.

HCC is into infrastructure development in transportation, power and water segments. HCC is developing a planned hill city named Lavasa near Pune in Maharashtra.

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