In early trade on Tuesday, shares of HCC jumped 16% after brokerage Elara Capital initiated coverage with a buy call on the civil construction company. Elara predicted that HCC will grow 58% from its current position and set its price objective at Rs 63 per share. After a ten-year struggle, HCC’s financial situation improved, with its peak standalone debt falling from Rs 6,200 crore in FY22 to Rs 3,400 crore in FY24.
The stock climbed 15.81% to Rs 45.62 on the BSE, up from the previous closing of Rs 39.79. Total 50.56 lakh shares of the company changed hands, resulting in a turnover of Rs 22.20. The firm’s market capitalization rose to Rs 7609.02 crore.
HCC stock is up 139.35% this year and 266% over the last two years. The stock reached a 52-week high of Rs 46 on February 2, 2024, and a 52-week low of Rs 17.05 on June 20, 2023.
As of 11:00 AM, HCC shares jumped 10.60% to Rs.44.00 on NSE.
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