HUDCO’s Share Price Skyrockets Following MoU with Gujarat Government

HUDCO's Share Price Skyrockets Following MoU with Gujarat Government

VoM News Desk | December 28, 2023 | 02:47 PM IST | Breaking News | Follow on Google News

HUDCO’s Share Price Skyrockets Following MoU with Gujarat Government/Reuters

HUDCO’s Share Price Skyrockets Following MoU with Gujarat Government

Housing and Urban Development Corporation Ltd (HUDCO) has been on an upward trajectory since the beginning of 2023, witnessing a substantial rise in its share price.

In the year-to-date timeframe, HUDCO’s share value surged from approximately ₹53.50 to ₹135.65 per share, presenting investors with a remarkable return of 150 percent.

This surge cements HUDCO’s position as one of the standout multibagger stocks in the Indian stock market for the year 2023.

The latest surge in HUDCO’s share price, reaching a new lifetime high of ₹135.65 per share during the stock market’s opening hours, marked an impressive intraday rise of over 18 percent.

Avinash Gorakshkar, Head of Research at Profitmart Securities, highlighted the primary reason behind this surge, attributing it to HUDCO’s recent Memorandum of Understanding (MoU) with the State Government of Gujarat.

According to Gorakshkar, this MoU, valued at ₹14,500 crore, pertains to financing Housing and Urban Infrastructure projects in Gujarat.

HUDCO formally announced this significant agreement in a stock market filing, expressing its commitment to investing up to ₹14,500 Crore in the Housing and Urban Infrastructure projects across Gujarat.

The state government aims to foster the overall development of Gujarat by implementing various housing and infrastructure projects, leveraging HUDCO’s financial prowess and its role as a techno-financial institution.

In its statement, HUDCO emphasized its intent to execute the MoU by providing financial assistance to eligible sector projects in Gujarat through term loans dedicated to infrastructure projects.

The corporation reaffirmed its dedication to its objectives and guidelines, thereby contributing significantly to the social and economic enhancement of India and playing a pivotal role in nation-building through asset development.

VoM News Desk

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