Multibagger stock HUDCO Soars 8% on MoU with Gujarat Government

About the MoU 

Just before the closing bell Housing & Urban Development Corporation Ltd (HUDCO) reported to the exchanges that it has executed a MoU with the State Government of Gujarat for an investment of up to Rs 14,500 crore for financing the Housing and Urban Infrastructure projects in the State of Gujarat.

The State Government of Gujarat intends for the overall development of the State of Gujarat by implementing various housing and infrastructure projects in the State of Gujarat. HUDCO is a techno-financial institution in the business of providing financial assistance for housing and urban development projects in the country. It caters to the various requirements of all sectors thereof, playing a vital role in strengthening the social and economic fundamentals of India thereby playing a pivotal role in building assets for the Nation.

HUDCO expressed its interest in executing this MoU for an investment of up to Rs 14,500 crore under the Financial Services Sector in the form of financial assistance, as per its objectives and guidelines to the State Government of Gujarat for eligible sector projects through term loan for Infrastructure projects.

About the company 

HUDCO is a Public Sector Company, under the Ministry of Housing and Urban Affairs (MoHUA), HUDCO has been a key partner with the Government in building assets for the nation. HUDCO is the premier techno-financing public sector enterprise in the field of housing and infrastructure development in the country.

Stock Performance

In the last trading session, the HUDCO stock closed at Rs 105.47. Today, it opened at Rs 106.19 and closed at Rs 114.08, up by 8.16%. Its 52-week high stands at Rs 119.44 while its 52-week low stands at Rs 40.50. The company currently boasts a market capitalisation of approximately Rs 22,800 crore. Over the past one year, the shares of the company have given multibagger returns of 127.25% while in the same time frame, BSE Financial Services has changed by 16.91%.

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