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HDIL recovers on bargain hunting

Capital Market 

Housing Development & Infrastructure rose 2.92% to Rs 88.20 at 15:05 on BSE, with the stock recovering on bargain hunting after recent slide.

Meanwhile, the S&P Sensex was up 62.60 points or 0.2% at 31,166.09. The S&P Mid-Cap index declined 9.05 points or 0.06% at 14,789.15.

On the BSE, 15.78 lakh shares were traded on the counter so far as against average daily volumes of 28.96 lakh shares in the past two weeks. The stock had hit a high of Rs 88.40 and a low of Rs 85.40 so far during the day. The stock had hit a 52-week high of Rs 108.75 on 12 July 2016. The stock hit a 52-week low of Rs 52.25 on 27 December 2016.

Shares of Housing Development & Infrastructure (HDIL) had fallen 8.44% in the preceding six trading sessions to settle at Rs 85.70 yesterday, 13 June 2017, from its closing of Rs 93.60 on 5 June 2017.

On 8 June 2017, issued clarification to the stock exchanges with regard to media news titled "fails to repay loan, CBI seizes its Kurla property." The company said it has received the possession notice from the Central Bank of India on account of NPA due to technical reasons. The company had written to the Central Bank of India for closure of the said loan and reply is awaited.

HDIL's consolidated net profit rose 28% to Rs 60.88 crore on 61.62% decline in net sales to Rs 129.51 crore in Q4 March 2017 over Q4 March 2016.

is a real estate development company, with significant operations in the Mumbai Metropolitan Region.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, June 14 2017. 15:09 IST