HUDCO Share Price Reaches New Heights on 21 May 2024 📈💰
HUDCO, the government financial institution for housing and urban development, was recently awarded the coveted Navratna status. Brokerage house Elara Capital has initiated coverage on the housing finance company, recommending investors to consider buying shares in this Navratna PSU. The stock has provided investors with a 3x return in the past six months.
Elara Capital has given HUDCO a buy rating with a target price of ₹297 per share. On May 18, 2024, the stock closed 1.33% higher at ₹244.40, potentially offering over 21% returns. By Tuesday, 21 May 2024, the share price had risen by 6.99% to trade at ₹262.
According to the brokerage, HUDCO implements government schemes like the Prime Minister’s Housing Scheme, Smart City initiative, and Jal Jeevan Mission. The company has an AAA credit rating, equivalent to sovereign ratings, with a debt of over ₹85,000 crores. Fundamental analysis also shows strong financials for the company.
Investors in HUDCO have seen multi-bagger returns, with a 203% return in the past six months and a whopping 320% return in the last year. In the past week alone, the stock has surged by over 14%. The stock is up by 23% in a month and a remarkable 90% year-to-date. Over the past two years, HUDCO has delivered a strong 628% return.
Disclaimer: This is News Coverage with Opinions of Experts and Should Not Be Taken as Direct Market Buying Tip. Market is always subject to risk. We recommend taking our content as research before investing.
