Housing and Urban Development Corporation (HUDCO) rose 2.51% to Rs 40.80 after the company said one of its borrowing agencies cleared its dues on 9 January 2020.In December 2019, HUDCO informed that two borrowing agencies of the company had defaulted in repayment of their dues with a defaulted amount of Rs 87.46 crore against the principal outstanding of Rs 869.40 crore as on date and were classified as non-performing assets (NPAs) with an impact of 1.14% on gross NPAs.
HUDCO announced on Friday, 10 January 2020, that one of the borrowing agencies with principal outstanding of Rs 726.35 crore cleared its dues on 9 January 2020 and moved out of NPA list.
Shares of HUDCO soared 9.23% in three trading sessions to its current market price of Rs 40.80 from its recent closing low of Rs 37.35 on Wednesday, 8 January 2020.
On the technical front, the stock's RSI (relative strength index) stood at 64.708. 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 above its 50-day moving average (DMA) placed at Rs 39.07 and its 200-day moving average (DMA) placed at Rs 38.72, both of which would serve as a support levels in the upcoming trading sessions.
HUDCO's consolidated net profit surged 157.3% to Rs 725.78 crore on 66.6% jump in total income to Rs 2,053.79 crore in Q2 September 2019 over Q2 September 2018.
HUDCO is an India-based techno‐financing company. The firm provides long term finance for construction of houses for residential purposes or finance or undertakes housing and urban development programs in the country.
As of 30 September 2019, the Government of India holds 89.81% stake in the company.
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