Housing and Urban Development Corporation Limited’s shares surged 17.62 per cent after the company formalised a Memorandum of Understanding (MoU) with the State Government of Gujarat. The MoU outlines an investment commitment of up to ₹14,500 crore to finance various Housing and Urban Infrastructure projects within the state.

The company reported that the State Government of Gujarat has a vision for development, intending to implement a range of housing and infrastructure projects. HUDCO, functioning as a techno-financial institution, specialises in providing financial assistance for housing and urban development projects across the country.

This initiative is to align with the goal of fortifying the social and economic foundations of India, for the nation’s asset-building initiatives.

The shares jumped 17.62 per cent to ₹134.57 at 1.43 pm on the BSE.