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Shares of Housing Development and Infrastructure Limited (HDIL) have gained 4% to Rs 83 on National Stock Exchange (NSE) after Macquarie upgrade the stock to Outperform, raising target price to Rs 104.
The increase is driven by debt reduction and lowering of discount to NAV on account of improving visibility of launches, Abhishek Bhandari, analyst at Macquarie Capital Securities India said in a report.
“HDIL is a high risk, high return stock where news flow often remains volatile. We think that if the management delivers on the debt reduction and new launches, the stock can re-rate significantly,” added analyst.
The stock opened at Rs 80.70 and touched high of Rs 84 on NSE. Till 1217 hours, a combined 11.65 million shares changed hands on the counter on NSE and BSE.
The increase is driven by debt reduction and lowering of discount to NAV on account of improving visibility of launches, Abhishek Bhandari, analyst at Macquarie Capital Securities India said in a report.
“HDIL is a high risk, high return stock where news flow often remains volatile. We think that if the management delivers on the debt reduction and new launches, the stock can re-rate significantly,” added analyst.
The stock opened at Rs 80.70 and touched high of Rs 84 on NSE. Till 1217 hours, a combined 11.65 million shares changed hands on the counter on NSE and BSE.
