Hot Stock Pick: Housing and Urban Development Corporation Limited (HUDCO) shares surged on Thursday, February 1st.
After a notable 20% jump, the share price reached Rs 207 on the BSE, marking the highest point in the past 52 weeks for this government company.
Over the last year, the company’s shares have experienced a rapid increase.
What caused this surge? The Finance Minister’s budget announcement played a key role.
While presenting the interim budget, Finance Minister Nirmala Sitharaman revealed a new scheme for the middle class living in rented accommodations, chawls, and slums.
This scheme aims to assist them in building their own houses, leading to a positive impact on the company’s shares.
Impressive Returns: Just a year ago, on March 29, the company’s shares were priced at Rs 40.50.
Since then, there has been a remarkable 411% increase in the share prices.
Looking at the past year alone, the stock has delivered impressive returns of 324%, with a notable 173% increase in the last three months.
Government Holds Majority: Housing and Urban Development Corporation Limited is predominantly owned by the government, holding a substantial 54.40% stake.
Additionally, Life Insurance Corporation holds 8.9%, while public ownership stands at 11.9%, and others have a 9.1% stake in the company.
