Shares of Housing and Urban Development Corporation (HUDCO) snapped a five-day losing streak today, gaining as much as 10 percent. The stock had declined nearly 10 percent during that five-day losing streak.
HUDCO stock surged on a heavy surge in volumes as over 3 crore shares of the company changed hands on BSE and NSE combined, compared to the 1-month average trading volume of 1 crore shares.
The PSU recently declared its potential to extend loan assistance between Rs 75,000 crore and Rs 1 lakh crore under the Pradhan Mantri Awas Yojana -Urban 2.0 (PMAY -U 2.0) scheme. The anticipated loan assistance under PMAY -U 2.0 is based on the loan amount of more than Rs 42,000 crore disbursed by HUDCO under the previous phase of PMAY.
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Earlier in August, the state-owned company received RBI's nod for certificate of registration as an Infrastructure Finance Non-Banking Finance Company (NBFC). The IFC status allows higher exposure limits to the company for financing to various infrastructure sectors in addition to housing.
HUDCO, which provides financial assistance for housing and urban infrastructure projects, also inked an MoU with Yamuna Expressway Industrial Development Authority (YEIDA) in August to offer long-term financial assistance in the form of loans for various projects along the Yamuna Expressway.
It also agreed to provide a wide array of fee-based consultancy services from concept to commissioning in identified sectors and Project Management Consultancy Services from project conceptualisation to completion, at mutually decided terms.
At 2:50 pm, HUDCO shares were trading 7.6 percent higher at Rs 248 on NSE. The stock has rallied 92 percent so far this year, nearly doubling investors' money in comparison to Nifty's returns of 16 percent.
In the past 12 months, the counter has risen 236 percent while Nifty has risen 27 percent during this period.
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