HUDCO climbs 20% on Q4 result, dividend

Our Bureau Chennai | Updated on June 29, 2020 Published 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
  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.