HUDCO up 19% after investment MoU with Gujarat government

HUDCO share price NSE, HUDCO new order: HUDCO shares skyrocketed nearly 20 per cent in trade on Thursday to clock a fresh 52-week high of Rs 136.4 on NSE after the PSU company signed an MoU with Gujarat government for investment of Rs 14500 crore. Last seen, HUDCO shares traded at Rs 135.8, up 19.12 per cent on NSE.

HUDCO executed a Memorandum of Understanding with the State Government of Gujarat for an investment up to Rs 14, 500 crore for financing the Housing and Urban Infrastructure projects in Gujarat, the company informed the exchnages in its regulatory filing dated on December 27. 

Gujarat government intends for overall development of the state by implementing various housing and infrastructure projects in Gujarat.

HUDCO being a techno-financial institution, in the business of providing financial assistance for housing and urban development projects in the country, thus catering to the various requirements of all sectors thereof, playing a vital role in strengthening the social and economic fundamentals of India thereby playing a pivotal role in building assets for the nation, the company said.

HUDCO expressed its interest in executing this MoU for an investment up to Rs 14,500 crore under Financial Services Sector in the form of financial assistance, as per its objectives and guidelines to Gujarat for eligible sector projects through term loan for infrastructure projects.

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