HUDCO rises on plan to raise borrowing limit on Jan 22

Housing & Urban Development Corporation (HUDCO) added 1.33% to Rs 217.20 after its board scheduled a meeting on Wednesday, 22 January 2025 to discuss enhancement of existing borrowing plan for FY25 to Rs 55,000 crore from Rs 40,000 crore.

The proposal is subject to the outstanding borrowings at any given point of time not exceeding the overall borrowing limit approved by the shareholders.

Meanwhile, the board of directors will also consider and approve unaudited financial results for the quarter and nine-month period ended on 31 December 2024 on the same date.

Further, the companys board will also mull declaration of interim dividend for the financial year 2024-25 and the record date for the same shall be Thursday, 30 January 2025.

HUDCO is a policy institution that provides housing finance and non-commercial urban infrastructure financing. The company's key mission is to support the construction of affordable housing for lower-income households and the development of non-commercial urban infrastructure (including water supply, road and transport, power, commercial infrastructure). HUDCO conducts its business by balancing profitability with its social mandate.

The companys consolidated net profit jumped 52.5% to Rs 688.62 crore on a 34.3% increase in total income to Rs 2,526.14 crore in Q2 FY25 over Q2 FY24.

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