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Business News/ Markets / Stock Markets/  HCC shares slump over 4% following multiple block deal transactions worth 4.5 crores

HCC shares slump over 4% following multiple block deal transactions worth ₹4.5 crores

Hindustan Construction Company's stock fell over 4% due to large block deals in the last hour of trading, with 4.5 crore shares exchanged.

HCC share price opened at ₹20.70 apiece on BSE. Premium
HCC share price opened at 20.70 apiece on BSE.

Hindustan Construction Company share price slumped over 5% on Friday's session multiple large deals during the last hour of trade. A total of 4.5 crore shares or 3.3 percent of the total equity exchanged hands in nine block deals. HCC share price opened at 20.70 apiece on BSE

Achintya Securities Private Ltd, HRTI Private Ltd, Jump Trading Financial India Private Ltd, Asia Opportunities IV Mauritius Ltd, QE Securities and M/S. Prarthana Enterprises were part of the transaction, according to unknown sources on buyers and sellers.

"There were block deals in this stocks and stock prices witnessed a sharp surge, today prices are down around 4% but overall trend seems to be positive and any dips towards 19 can be considered as a buy, we are seeing a long term breakout and prices can extend move towards 24 in near term," said, Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One.

As per trendlyne data, the stock price rose 67.9% and outperformed its sector by 9.5% in the past year. The stock has gained 72.46% from 52-week low of 11.8 recorded on July 1, 2022. 

HCC's consolidated net profit (profit for the period attributable to owners of the parent) for the fiscal's fourth quarter ended March (Q4FY23) stood at 189.84 crore.

The multinational engineering and construction company's consolidated revenue from operations rose nearly 6% on year to 3,094.09 crore.

The company reported a consolidated net loss of 26.59 crore for the fiscal year 2022-23. In FY22, it recorded a consolidated net profit of 571.74 crore.

HCC reports net profit of 189.84 crore in Q4FY23, revenue up by 6%

HCC Vice Chairman Arjun Dhawan stated that the completion of the company's debt carve-out procedure and profitable disposal of concession assets boosted its balance sheet and plans for future expansion.

According to the statement, HCC also completed its debt carve out during the year, with the help of 23 banks and other financial institutions.

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Published: 23 Jun 2023, 09:47 AM IST
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