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.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.