Shares of Hindustan Construction Co. surged 9% to an over five-year high on Tuesday after it announced that it will sell its entire stake in Swiss construction unit to a French company for Rs 928 crore.
HCC subsidiary Steiner AG, Switzerland, entered into a share purchase agreement with Demathieu Bard to sell its entire stake in Steiner Construction SA, according to an exchange filing on Monday.
The deal is expected to be completed by the end of this month or the beginning of the next year, it said.
HCC's stock rose as much as 9.09% during the day on the NSE to Rs 32.40 apiece, the highest since February 2018. It pared gains to trade 6.57% higher at Rs 31.65 apiece, compared to a 0.74% advance in the benchmark Nifty 50 as of 10.48 a.m.
It has risen 57.46% on a year-to-date basis. The total traded volume so far in the day stood at 3.8 times its 30-day average. The relative strength index was at 60.49.
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