HUDCO gains after inking pact with YEIDA for funding road projects

Housing & Urban Development Corporation (HUDCO) rose 1.39% to Rs 289 after the company signed a memorandum of association (MoU) with Yamuna Expressway Industrial Development Authority (YEIDA) for financial assistance in road projects.

The MoU is a collaboration to extend long-term financial assistance in terms of loan towards various projects on both sides of Yamuna Expressway undertaken by YEIDA.

The agreement includes offering a comprehensive range of fee-based consultancy services from concept to commissioning in identified sectors and project management consultancy services from project conceptualisation to completion, at mutually decided terms.

Housing & Urban Development Corporation (HUDCO) is a policy institution that provides housing finance and non-commercial urban infrastructure financing. The company's key mission is to support the construction of affordable housing for lower-income households and the development of non-commercial urban infrastructure (including water supply, road and transport, power, commercial infrastructure). HUDCO conducts its business by balancing profitability with its social mandate.

 

The companys consolidated net profit jumped 25.2% to Rs 557.75 crore on 18.7% increase in total income to Rs 2,197.19 crore in Q1 FY25 over Q1 FY24.

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