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HUDCO slumps over 10% in two sessions

Capital Market 

Housing and Urban Development Corporation (HUDCO) was down 4.60% at Rs 36.30, extending Thursday's 5.82% losses triggered by the company defaulting in repayment of dues.

The two borrowing agencies of the company have 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 have been classified as non-performing assets (NPAs) with an impact of 1.14% on gross NPAs, HUDCO announced after trading hours on 4 December 2019.

The stock fell 5.82% to Rs 38.05 on Thursday. The stock is down 10.15% in two sessions from its close of Rs 40.40 on Wednesday, 4 December 2019.

On a consolidated basis, HUDCO's net profit soared 157.3% to Rs 725.78 crore on 66.6% surge in total income to Rs 2,053.79 crore in Q2 September 2019 over Q2 September 2018.

HUDCO 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 held 89.81% stake in the company.

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

First Published: Fri, December 06 2019. 15:16 IST