HUDCO shares hit new 52-week high, trading close to 5-year high; check details

The stock started trading on Tuesday 55.01 each, and hit a day’s high 60.19 and below 54.41. Since March 28, the stock has gained 44%. The stock has gained 80.6% over the last year, compared to a 15.9% rise by the benchmark index Nifty 50 over the same time period. The market cap of the company is 11,739.14 crores.

HUDCO, a government-owned company in India, is classified as a Miniratna I CPSE. The business works to develop the country’s infrastructure and housing markets.

In Q3FY23, the company’s net income increased 1,719.96 crores from 1,709.41 crore in Q3FY22. The company reported that its net expense for the quarter ending December 2022 was 1,379.64 crore, down from 1,447.27 crores were spent for the quarter ending December 2021. HUDCO said that their net profit has increased due to this. 194.63 cr in Q3FY22 from 254.32 crore in Q3FY23.

Miniratna CPSE HUDCO declares dividend, issues bonds of Rs. 18000 crores

The miniratna company will report its Q4FY23 earnings report card on Friday, May 26.

Can the shares maintain this momentum going forward? Here’s what analysts say

According to Prashant Tapase, Research Analyst, Senior Vice President (Research, Mehta Equities), the stock is trading ahead of earnings expectations in the coming week. HUDCO has performed well in the last two months since 40 60 An increase of 50%. Technically, HUDCO’s upside seems limited 62-65.

“It is possible to take slight profits at higher levels, for the long term it is good, levels of 75-80 possible, Amit Trivedi, Market Analyst, Assistant Vice President – Technical & Derivatives Research at Yes Securities.

On the other hand, Rajesh Bhosle, Equity Technical & Derivatives Analyst, Angel One believes that Nifty Realty is in excellent momentum and midcap counters like HUDCO are now showing momentum; As a result, he anticipates that the stock and the sector will continue to rise.

“Overall the chart structure is well placed for the Bulls where we expect it to continue to move north. Traders should use the dips to go long in this counter and can be seen in the immediate support zone 53 – 54. Next potential target comes around in the near term 67 – 70,” said Bhosale.