Heavy buying witnessed in this multibagger financing stock & President of India’s portfolio sold 6.81 per cent stake - Gained over 8 per cent in just 1 day

The stock gave multibagger returns of 210 per cent in just 6 months whereas BSE Sensex Index is up by 10 per cent.

Today, shares of Housing and Urban Development Corporation Limited (HUDCO) gained over 8 per cent to an intraday high of Rs 289.90 per share from its previous closing of Rs 267.40. At the closing bell, shares of the company were trading in green, up 5 per cent to Rs 280.80 with a spurt in volume by more than 1.76 times on BSE. The stock’s 52-week high is Rs 299.90 per share and its 52-week low is Rs 56.91.

Housing and Urban Development Corporation Limited (HUDCO) signed a Memorandum of Understanding (MoU) with India Infrastructure Finance Company Limited (IIFCL), a company wholly owned by the Government of India to reinforce cooperation and collaboration to leverage respective strengths for extending infrastructure co-financing, refinancing, project management consultancy services and capacity building activities, subject to compliance with their respective mandates and policies. The MoU was executed by Shri Sanjay Kulshrestha, CMD, HUDCO and Dr Padmanabhan Raja Jaishankar, Managing Director, IIFCL in the presence of the Senior Officials of both the CPSEs including Shri M. Nagaraj, Director (Corporate Planning) of HUDCO and Shri Pawan K. Kumar, Deputy Managing Director of IIFCL.

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Housing and Urban Development Corporation Limited provides financial assistance for housing and urban infrastructure development projects. The Company offers loans for housing projects such as urban and rural housing, community toilets, water supply, roads and transports, and power projects. Housing and Urban Development serves customers in India. The company has a market cap of over Rs 56,000 crore and its maximum stake is owned by the President of India.

The President of India Through the Secretary Ministry of Housing and Urban Affairs sold 13,62,52,479 shares or 6.81 per cent stake in the company and declared its stake to 54.27 per cent in March 2024 compared to 61.08 per cent in March 2023. So, after this, The President of India Through the Secretary Ministry Of Housing And Urban Affairs and The President Of India Through the Secretary Ministry Of Housing And Urban Affairs still own the majority of the stake which is 75 per cent as of March 2024.

The stock gave multibagger returns of 210 per cent in just 6 months whereas BSE Sensex Index is up by 10 per cent. Investors should keep an eye on this Mid-Cap PSU stock.

Disclaimer: The article is for informational purposes only and not investment advice.