HCC’s shares surge after Panvel land sale for Rs 95 crore

The share touched a 52-week high of Rs 32.64 and a 52-week low of Rs 12.50 on 06 December, 2023 and 28 March, 2023, respectively.

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Shares of Hindustan Construction Company (HCC) saw a gain in its share price during early trade on December 7. This increase is attributed to the company’s sale of land in Panvel of Raigad district, Maharashtra. At 09:34 am, HCC was quoting at Rs 31.59, up Rs 0.35, or 1.12 percent on the BSE.

“……….. has sold 2,35,870 square meters land parcel situated at village Karnala (Tara), taluka Panvel, district Raigad, Maharashtra to Oak & Stone Construction Pvt Ltd for Rs 95 crore,” the company said in a release.

The deed of conveyance executed on December 04, 2023.

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On December 4 Steiner AG, Switzerland, a material subsidiary of the company, has entered into a share purchase agreement with Demathieu Bard, a company headquartered in France, for divestment of its entire equity interest in Steiner Construction SA, Switzerland, a step-down material subsidiary of the company, for Rs 928 crore.

Additionally, HCC reported that its subsidiary, HCC Infrastructure Company, received Rs 110 crore as earn-out money from Cube Highways and Infrastructure V Pte Ltd for the stake sale in Baharampore-Farakka Highways (BFHL).

In Q2FY24, Hindustan Construction Company (HCC) reported a 97.95 percent decline in consolidated net profit to Rs 6.33 crore for the September quarter and consolidated income fell to Rs 1,870.70 crore, from Rs 2,273.39 crore in the previous fiscal.

The share touched a 52-week high of Rs 32.64 and a 52-week low of Rs 12.50 on 06 December, 2023 and 28 March, 2023, respectively.

Currently, the stock is trading 3.22 percent below its 52-week high and 152.72 percent above its 52-week low.

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