HUDCO hits lowest level since listing
The stock of state-owned housing finance company was quoting lower for the ninth straight trading days, falling 7% during the period.
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Housing and Urban Development Corporation (HUDCO) hit its lowest level since listing at Rs 63.45, down 1% on the BSE. The stock of state-owned housing finance company was quoting lower for the ninth straight trading days, falling 7% during the period. It is trading close to its issue price of Rs 60 per share.
Since listing on May 19, 2017, HUDCO underperformed the market by falling 12% as compared to 15% rise in the S&P BSE Sensex.
HUDCO had made a strong debut on the stock exchanges. The shares listed at Rs 73.45, a 22% premium over its issue price of Rs 60 on the BSE. The stock gained as much as 30% to Rs 77.80 intraday but settled with a gain of 21%, closing at Rs 72.50 on first day of listing. The stock corrected 38% from its 52-week high of Rs 102 touched on July 14, 2017 in intra-day trade.
Post December 2017 quarter results, the stock down 20% from Rs 80 on February 2, 2018, after the company reported 10% year on year dropped in net profit at Rs 1.63 billion, due to higher provision for loans. It had profit of Rs 1.82 billion during the same quarter last year.
Since listing on May 19, 2017, HUDCO underperformed the market by falling 12% as compared to 15% rise in the S&P BSE Sensex.
HUDCO had made a strong debut on the stock exchanges. The shares listed at Rs 73.45, a 22% premium over its issue price of Rs 60 on the BSE. The stock gained as much as 30% to Rs 77.80 intraday but settled with a gain of 21%, closing at Rs 72.50 on first day of listing. The stock corrected 38% from its 52-week high of Rs 102 touched on July 14, 2017 in intra-day trade.
Post December 2017 quarter results, the stock down 20% from Rs 80 on February 2, 2018, after the company reported 10% year on year dropped in net profit at Rs 1.63 billion, due to higher provision for loans. It had profit of Rs 1.82 billion during the same quarter last year.