Stocks

HUDCO climbs 20% on Q4 result, dividend

Our Bureau Chennai | Updated on June 29, 2020

State-owned Housing and Urban Development Corporation (HUDCO) on Monday zoomed 20 per cent to ₹33.45 on the BSE, following the strong Q4 results posted on Friday after market hours.

The company reported an 87 per cent rise in its consolidated net profit to ₹440.91 crore for the fourth quarter ended March, against ₹236.29 crore in the year-ago period. Its total income rose to ₹1,900.40 crore (₹1,493.35 crore). The board also recommended a final dividend of ₹2.35 a share for FY20. Earlier, it had posted an interim dividend of ₹0.75 a share.

It may be recalled that in early June, Moody’s Investors Service downgraded HUDCO’s long-term local and foreign currency issuer ratings to Baa3 from Baa2 in line with India’s Baa3 sovereign rating. The outlook on ratings remains negative.

Similarly, Fitch Ratings in mid-June revised the outlook on HUDCO to Negative from Stable. The long-term issuer default ratings (IDRs) have been affirmed ‘BBB-’ . The rating action follows the revision in the outlook as HUDCO’s rating is credit-linked to that of India, it said.

Published on June 29, 2020

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