HUDCO gains on reporting loan sanctions of Rs 2607 cr

HUDCO rose 1.47% to Rs 31.05 after the company said it has achieved loan sanctions of Rs 2607.12 crore and loan releases of Rs 3277.04 crore, as on 31 August 2020, for the financial year 2020-21.

HUDCO or Housing and Urban Development Corporation's consolidated net profit dropped 39.4% to Rs 203.38 crore on 1.9% fall in total income to Rs 1,781.79 crore in Q1 June 2020 over Q1 June 2019.

HUDCO provides long term finance for construction of houses for residential purposes or finance or undertakes housing and urban development programs in the country. The Government of India holds 89.81% stake in the housing financer as on 30 June 2020.

Shares of HUDCO have soared 72.02% from its 52-week low of Rs 18.05 hit on 24 March 2020. On the technical front, the stock's RSI (relative strength index) stood at 32.456. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading below its 50-day moving average (DMA) placed at 35.19 and its 200-day moving average (DMA) placed at 31.30.

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