HCC shares falter after big rally

Shares of Hindustan Construction Company (HCC) were down 5.95 percent on June 23 at 11.32 am, after a big rally just a day earlier.

The stock had rallied 14 percent on June 22, despite Asia Opportunities IV Mauritius Limited selling over 4.6 crore shares.

The stock has lost 4.28 percent since the beginning of the year. The 52-week high and low for the stock are Rs 22.10 and Rs 11.80 respectively.
The company’s revenue fell 8 percent year-on-year in FY23 to Rs 9912 crore. HCC made a profit of Rs 399 crore in FY23 as compared to a loss of Rs 610 crore in the previous financial year. The company’s EBITDA margins fell 605 basis points to 6.38 percent in the same period.

In March, a joint venture between HCC and Megha Engineering & Infrastructure received Rs 3679 crore from the National High-Speed Rail Corporation. The company will be responsible for construction of Bandra-Kurla Complex station in Mumbai.