HUDCO Shares Jump The Most In Two Weeks To New Record After Gujarat Government MoU

Shares of Housing and Urban Development Corp. extended early gains on Thursday to log the highest rise since Dec. 14., hitting a fresh lifetime high.

The company had signed a memorandum of understanding with the Gujarat government to invest up to Rs 14,500 crore for housing and urban infrastructure projects in the state, as per an exchange filing on Wednesday. HUDCO will provide term loans for infrastructure projects, it said.

Shares of the company rose as much as 18.99% to hit a lifetime high of Rs 135.65, its lifetime high before paring gains to trade 17.37% higher at 12:02 p.m., compared to a 0.38% advance in the NSE Nifty 50.

The stock has risen 157.58% year-to-date. Total traded volume so far in the day stood at 11 times its 30-day average. The relative strength index was at 83.14, indicating that the stock may be overbought.