HUDCO Signs MoU With Vadhvan Port Project For Rs 25,000 Crore Funding For Various Infra Works
Its net profit surged to Rs 735 crore, representing a 41.6% rise for the quarter ended Dec. 31, 2024, of the current fiscal 2025.
Source: HUDCO
Housing & Urban Development Corp. on Wednesday signed a memorandum of understanding with Vadhvan Port Project Ltd.—a joint venture between JNPA and Maharashtra Maritime Board.
Under the MoU, the company will explore and provide funding of up to Rs 25,000 crore for the development of new ports and public-private partnership projects under the Vadhvan Port Project, according to an exchange filing.
Earlier, HUDCO released its earnings for the third quarter. Its net profit surged to Rs 735 crore, representing a 41.6% rise for the quarter ended Dec. 31, 2024, of the current fiscal 2025.
The company's revenue soared by 41.6% to Rs 2,760 for the third quarter of the financial year 2025.
The public sector undertaking also declared its third interim dividend of Rs 2.05 per equity share at a face value of Rs 10 each. The company has fixed Jan. 30, 2025, as the record date for determining the eligibility of shareholders for payment of an interim dividend.
Shares of Hudco closed 0.30% lower at Rs 227.46 apiece, compared to a 0.57% rise in the benchmark Nifty 50. The share price has risen by 33.15% in the last 12 months.
Two analysts tracking the company maintain a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 58.7%.
