Stock jumps 9% after it completes sale of BFHL to Cube highways for 1,323 Cr
Shares of Hindustan Construction (NS: HCNS ) Company Ltd (HCC) hiked 9 percent today and is currently trading at Rs 13.90. Such a sharp movement in the share price is observed after the company announced that it has closed the sale of Baharampore-Farakka Highways Ltd (BFHL) to Singapore-based Cube Highways and Infrastructure V Pte Ltd at an enterprise valuation of Rs 1,323 crores.
The company provided an update on the above today that BFHL has ceased to be a part of HCC and the shares of the company have been transferred to Cube Highways as on 28th March 2023.
Hindustan Construction Company Limited (HCC), headquartered in Mumbai, is one of India’s leading Engineering, Procurement, Construction (EPC), and Project Management Companies. The company has executed landmark infrastructure projects in the country including around 26% of India’s Hydro Power generation and 60% of India’s Nuclear Power generation capacities, more than 365 km of complex Tunnelling and 395 Bridges.
A glance at the financials leaves a contrasting observation with respect to the trends represented by the basic parameters such as the revenues and net profit figures the company has reported.
Revenues moved down from Rs 2,498.78 crores in Q2 to Rs 2,034.8 crores in Q3. Net profits went into the red in the recent quarter with a movement from profits of Rs 320.21 crores in Q2 to net losses of Rs 263.34 crores in Q3.
The profitability measure such as ROCE showed a drastic up movement from 4.16 percent in FY20-21 to 72.78 percent in FY21-22.
As per the quarter ending December 2022, promoters hold 18.59 percent stake in the company. FIIs, over the past three quarters, have consistently increased their stakes with the latest movement being from 12.08 percent in Q2 to 12.13 percent in Q3.
Written by Amit Madnani
The post Stock jumps 9% after it completes sale of BFHL to Cube highways for 1,323 Cr appeared first on Trade Brains.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.
Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb
Drop an image here or