HUDCO hits a six-year high; Will it cross the Rs 100 mark?

Housing and Urban Development Corporation, popularly known as HUDCO Limited primarily engages in financing housing and urban development activities in the country. It witnessed a significant surge in its stock prices today.

The stock opened trading at Rs 83.57, which was almost flat compared to the previous day’s closing price of Rs 83.58 per share on the BSE. Despite the flat opening, it surged by approximately 10% today.

During the intraday session, the stock has not hit the upper circuit limit of 20% so far. However, it reached a 52-week high price of Rs 91.75 per share.

Interestingly, the stock has hit a significant level today of Rs 90, which was its earlier high in the years 2017 and 2018. Exploring the charts, the stock was facing multiple time hurdles to cross the price level of Rs 90; today it touched Rs 91.75 per share on the BSE. As of writing this article, the stock is trading at 90, which is 8% up from the previous day’s closing price.

Additionally, the stock hit an all-time low price of Rs 18 apiece in March 2020 during the COVID-19 pandemic. From this price, it has reached Rs 90 today, which is a 400% rally. Meanwhile, the month is yet to complete, looking at the bullish monthly candle, it is unlikely to reverse from here, but the future is always uncertain, and the market is supreme.

With a market capitalisation of Rs 18,057 crore, the stock has demonstrated outstanding performance in recent periods, yielding a 120% return in the last six months. Furthermore, it has generated an impressive multibagger return of 180% over the last three years.

Here is the chart presentation of the company’s shares on the monthly timeframe: 

Below are the daily trading and delivery volumes in the stock: 

Company Profile: 

Housing And Urban Development Corporation Limited (HUDCO) is a techno-financing company specializing in housing and infrastructure project finance, consultancy services, and capacity-building programs for government officials.

Its infrastructure projects encompass water supply, sewerage, drainage, waste management, roads, electricity, smart cities, and industrial infrastructure in urban areas. HUDCO also supports social infrastructure like schools, hostels, health centres, playgrounds, police stations, courts, and crematoriums.

Additionally, the company offers consultancy services in architectural design, urban planning, project appraisal, government project monitoring, and environmental engineering for housing and urban development projects.

Investors must keep this stock on their radar.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.