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HUDCO share price rises 29% in two sessions on strong Q4 earnings

BusinessToday.In     June 30, 2020

HUDCO share price gained over 9% in Tuesday's trade after the firm reported better than expected earnigs for quarter ended March 2020.

On Monday, share price of HUDCO closed at 20% upper circuit of Rs 33.40 on BSE.

The housing finance company on Monday reported consolidated net profit at Rs 1,708.20 crore in FY20 against Rs 1,179.85 crore in 2018-19.

For the fourth quarter ended March 31, 2020, the housing finance manufacturer posted 86% rise in consolidated net profit at Rs 440.9 crore against Rs 236.29 crore in Q4 FY19.

HUDCO share price opened with a gain of 6.29% at Rs 36.50 and later touched an intraday high of Rs 36.5, rising 9.28% against the previous close of Rs 33.40 on BSE. The stock hit an intraday low of Rs 33.85 in today's session.

HUDCO is trading higher than 5, 20, 50, 100 and 200-day moving averages. HUDCO share price has gained 24% in one week and 51% in one month.

For the quarter ended March 2020, consolidated revenue from operations in Q4FY20 grew to Rs 1,900.40 crore compared to Rs 1,493.35 in a year-ago period.

For the entire fiscal FY20, the state-owned company's revenue from operations stood at Rs 7,571.84 crore in 2020-19 compared to Rs 5,591.22 crore in 2018-19.

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