On Tuesday, the stock started trading at ₹55.01 apiece, and hit an intraday high of ₹60.19 and low of ₹54.41. From March 28 until the present, the stock has increased by 44%. The stock has increased 80.6% over the past year, outperforming the benchmark index Nifty 50’s 15.9% growth over the same time period. The company is having a market cap of ₹11,739.14 crore.
A government-owned company in India, HUDCO, is classified as a Miniratna I CPSE. The business works to develop the nation’s infrastructure and housing markets.
In Q3FY23, the company’s net income increased to ₹1,719.96 crore from ₹1,709.41 crore in Q3FY22. The company reported that its net expenses for the quarter ending in December 2022 were ₹1,379.64 crore, down from the ₹1,447.27 crore incurred for the quarter ending in December 2021. HUDCO reported that their net profit increased from ₹194.63 crore in Q3FY22 to ₹254.32 crore in Q3FY23.
Miniratna CPSE HUDCO declares dividend, issues bonds worth Rs. 18000 Cr
The Miniratna company will be reporting its Q4FY23 earnings report card on Friday, May 26.
Can the shares sustain the same momentum further? Here’s what analysts say
According to Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities, the stock has been in action ahead of earnings expectations due in coming week. HUDCO has done well in the last 2 month from ₹40 to ₹60 a raise of 50%. Technically, in HUDCO upside looks limited to ₹62-65.
“Mild profit taking is possible at higher levels, for long term it’s good, levels of ₹75-80 possible, said Amit Trivedi, market analyst, assistant vice president – technical and derivatives research at Yes Securities.
On the other hand, Rajesh Bhosale, Equity Technical and Derivative Analyst, Angel One, thinks that Nifty Realty is in great momentum and that midcap counters like HUDCO are now showing momentum; as a result, he anticipates that the stock and sector will continue to rise.
“Overall the chart structure is nicely placed for the bulls where we expect this northward move to continue. Traders should use dips to go long in this counter with immediate support seen in the range of ₹53 – 54. Next potential target in the near term comes around ₹67 – 70,” added Bhosale.
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