Hudco share price: There has been a slowdown in the shares of Housing and Urban Development Corporation Limited (HUDCO) for the last few days. On the third trading day of the week, HUDCO shares fell by 1.50% and the price came to Rs 230. However, experts are bullish on this stock. Brokerage Elara Capital has advised to buy this share.
Price will go up to Rs 297
Elara Capital has set the target price for the share at Rs 297. According to this brokerage, HUDCO maintains a dominance in the housing sector despite all the problems. It is advisable to buy the shares for short term.
Stock giving multibagger returns
HUDCO shares have given multibagger returns of about 290 per cent in the last one year, almost quadrupling investors’ money. The share price was Rs 54.40 in May 2023, which reached Rs 242.70 on April 29, 2024. Both these prices are the 52-week low and high of the stock. Talking about the shareholding pattern of HUDCO, 75 percent stake is held by the promoters and 25 percent stake is held by the public shareholders.
Please note that the promoter of the company is the government. Among public shareholders, Life Insurance Corporation of India i.e. LIC holds 8.90 percent shares. This is equivalent to 17,82,36,999 shares. Quant Mutual Fund – Quant Flexi Cap Fund holds 3,12,49,166 shares of the company. This stake is equal to 1.56 percent.
Deal with SITCO
Recently HUDCO signed a Memorandum of Understanding (MoU) with Surat Integrated Transportation Development Corporation Limited (SITCO). The MoU is regarding cooperation on construction and development of Surat Multi-Modal Transportation Hub (MMTH) on land provided by the Ministry of Railways and Government of Gujarat. SITCO is a joint venture of the Government of Gujarat through the Ministry of Railways, GSRTC and Surat Municipal Corporation through the Rail Land Development Authority.
