Jan 25, 2013, 03.54 PM IST | Source: Moneycontrol.com

HDIL bounces back after 4-day fall on Macquarie report

Mumbai-based real estate firm Housing Development and Infrastructure (HDIL) bounced back with gains of more than 3 percent on Monday after sharp rall in previous four sessions as the research firm Macquarie has put an outperform rating on the stock with a target price of Rs 168.

Mumbai-based real estate firm Housing Development and Infrastructure (HDIL) bounced back with gains of more than 3 percent on Monday after sharp rall in previous four sessions as the research firm Macquarie has put an outperform rating on the stock with a target price of Rs 168.

However, investors need more clarity from the management on land transactions and other concerns before confidence is restored, Macquarie said.

Shares plunged more than 38 percent in previous sessions on concerns over land transactions and selling of stake by the promoter. Also Read - HDIL denies bankruptcy talks

Vice chairman and managing director Sarang Wadhawan sold 5 million shares worth Rs 57 crore in secondary markets on Tuesday, reducing his stake to 0.99 percent from 2.19 percent. "We are aiming at debt reduction; this move was primarily to fund the land acquisition we had entered into about a year back," Wadhwan explained to CNBC-TV18 on Wednesday. HDIL’s debt currently stands at Rs 4,000 crore.

On Wednesday, Citigroup Global Markets Mauritius Private Limited sold 49,30,592 shares of HDIL at Rs 100.60 on the NSE while on Thursday, Credit Suisse (Singapore) sold 67,37,381 shares at Rs 78.41 a share.
 
At 10:51 hours IST, shares rose 3.28 percent to Rs 77.10 on Bombay Stock Exchange.

Also Read
Biocon Q3 net down 15% to Rs 84 crore
Suzlon up 5% on lenders approval for CDR
Here's what to expect from Maruti Suzuki Q3 earnings
Rel Power Q3: Analysts expect PAT to grow 22% to Rs 249 cr

HDIL stock price

On July 22, 2014, Housing Development and Infrastructure closed at Rs 91.80, down Rs 2.05, or 2.18 percent. The 52-week high of the share was Rs 113.85 and the 52-week low was Rs 26.10.


The company's trailing 12-month (TTM) EPS was at Rs 5.84 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 15.72. The latest book value of the company is Rs 248.84 per share. At current value, the price-to-book value of the company is 0.37.

Set email alert for

ADS BY GOOGLE

video of the day

See 8000 Nifty by Dec, bullish energy, cap goods: Religare

Explore Moneycontrol

Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.