Buzzing stock: HUDCO jumps 15 per cent and hits fresh 52-week high
Housing & Urban Development Corporation Ltd (HUDCO) was trading high by 14.7 per cent on Wednesday, making a fresh 52-week high of Rs 49. The stock has jumped 171 per cent from its 52-week low level of Rs 18.05 in March 2020.
HUDCO supports government initiatives like Pradhan Mantri Awas Yojana (PMAY) - Housing for All, Development of 100 Smart Cities, Atal Mission for Rejuvenation and Urban Transformation (AMRUT) for 500 cities, etc by providing finance. It is one of the leading techno-financial institutions with a pan-India presence.
Affordable housing and infrastructure sectors have always been the core focus areas by the Government in India. In the last two years’ budget, considerable allocation of funds was made towards these sectors. The Government intends to invest Rs 100 lakh crore over the next five years in the urban sector. The upcoming budget 2021-22 is also expected to continue the government’s focus on the housing and infrastructure sectors. This would place ample opportunities for HUDCO in the near term.
Recently, HUDCO has signed a memorandum of understanding (MoU) with the Ministry of Housing & Urban Affairs (MoHUA) for setting key targets for the financial year 2020-21.
Besides offering project formulation and project finance, HUDCO also provides consultancy services in the areas of housing and urban development. It has also been assisting the country in times of natural calamities like cyclones, earthquakes, tsunamis, etc. HUDCO is a Miniratna, central public sector enterprise (CPSE) under the Administrative Control of Ministry of Housing & Urban Affairs, Government of India.