HCC rises 2 per cent after board approves rights issue

The shares of Hindustan Construction Company (HCC) gained 2 per cent upon receiving the board’s approval for issuing equity shares by means of a rights issue.

The shares will be issued to the existing shareholders of the company as on the record date for an amount of about Rs. 500 crore. The trading window for dealing in the securities of the company was shut at the closing of the market hours on November 5, 2018.

Hindustan Construction Company is a major player in the Indian infrastructure industry. It is responsible for several landmark projects across India. For FY2017-18, HCC reported a turnover of Rs. 4,575.1 crore in FY18 versus Rs. 4,195.9 crore in FY17, registering an increase of 9 per cent. Its net profit surged 30 per cent to Rs. 77.5 crore in FY18 from Rs. 59.4 crore in FY17.

On Tuesday, the shares of HCC Limited opened at Rs. 13.95 per share and hit a high and low of Rs. 13.98 per share and Rs. 13.59 per share, respectively. At 12:16 pm, the stock was trading at Rs. 13.68 per share, up 0.74 per cent.