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.
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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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