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Business News/ Markets / Stock Markets/  HUDCO share price extends post-budget rally. Jumps 30% in two days
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HUDCO share price extends post-budget rally. Jumps 30% in two days

HUDCO share price has risen from around ₹172 to ₹226 apiece level in the last two straight sessions

HUDCO share price is rising after the announcement of a new housing scheme for the middle class in the Bueget 2024, say experts.Premium
HUDCO share price is rising after the announcement of a new housing scheme for the middle class in the Bueget 2024, say experts.

Stock market today: Extending the post-budget rally on Friday, Housing and Urban Development Corporation (HUDCO) share price today climbed to a new lifetime high of 226.45 apiece on NSE. HUDCO share price today opened upside and went on to touch an intraday high of 226.45 apiece, logging over a 30 percent rise in the last two straight sessions. After the announcement of 2 crore new affordable houses in the Budget 2024, HUDCO share price witnessed a sharp upside move on Thursday and ended around 20 percent higher.

According to stock market experts, HUDCO share price is ascending due to the announcement of 2 crore new affordable houses in the Budget 2024. They said that HUDCO is a government-backed financial company, that has good exposure in affordable housing finance. Even though it works at a small margin the new announcement is good news for long-term investors and the market is responding to this announcement made by Finance Minister Nirmala Sitharaman.

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Triggers for HUDCO share price

On why HUCO share price is skyrocketing, Avinash Gorakshkar, Head of Research at Profitmart Securities said, "In the Budget 2024, FM Sitharaman announced 2 crore new affordable houses, which is the fresh trigger for HUDCO shares. Even though HUDCO works at lower margins, it is a government-backed financial company and one of the major financial companies that deals in affordable housing. So, the market is responding to this budget proposal, and the rise in "HUDCO share price in the last two days has to be seen from this angle."

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HUDCO share price target

Expecting more upside in HUDCO shares, Sumeet Bagadia, Executive Director at Choice Broking said, "HUDCO shares are looking positive on the technical chart. The scrip is facing a minor hurdle at 226 level. Once it breaches this hurdle, it may soon go up to 240 and 250 respectively. So, those who have HUDCO shares in their stock portfolio, are advised to maintain trailing stop loss at 200 whereas fresh investors can maintain buy on dips strategy maintaining strict stop loss at 200 apiece level."

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In the interim Budget for 2024-25, Finance Minister Nirmala Sitharaman announced that the government will launch a scheme to help deserving sections of the middle class 'living in rented houses, or slums, or chawls and unauthorized colonies' to buy or build their own houses.

The finance minister also said 2 crore more homes will be built for the rural poor in the next five years under the continuing PM Awas Yojana (Grameen).

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 02 Feb 2024, 10:50 AM IST
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