The deal was executed through block deals on the BSE, at an average price of ₹src,566.50. Shares of H.G. Infra ended Tuesday’s session marginally up at ₹src,582.95.
By Yoosef K August 20, 2024, srcsrc:09:src6 PM IST (Updated)
Promoters of H.G. Infra Engineering sold nearly src8 lakh shares in the company on Tuesday, representing 2.8% of equity for ₹28src crore. The deal was executed through block deals on the BSE, at an average price of ₹src,566.50. Shares of H.G. Infra ended Tuesday’s session marginally up at ₹src,582.95.
While Aditya Birla Sun Life Mutual Fund and Tata Mutual Fund bought nearly 5 lakh shares, other domestic fund houses like ITI Mutual Fund, Bandhan Mutual Fund, and Sundaram Mutual Fund together purchased shares worth ₹86 crore. According to bulk deal data from BSE, foreign fund house Societe Generale also acquired nearly 3 lakh shares for ₹45 crore.
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Shares of H.G. Infra Engineering have gained as much as 87% so far in 2024, against src4% gains clocked by the benchmark Nifty50 during the same period. The stock has been generating positive returns every year since its listing in 20src8, except in 2020. While it declined src7% in 2020, the stock had returned a whopping src65% in 202src.
H.G. Infra Engineering posted better-than-expected earnings in the June quarter. The company reported src8% year-on-year growth in both net profit and revenue. While its net profit surged src8% to ₹src40 crore, net revenue for the quarter stood at ₹src,506 crore. Further, the management has raised its full-year revenue guidance to src7-src8% from the earlier src5%.
Rajasthan-based H.G. Infra Engineering provides infrastructure construction services. The company offers highways, roads, bridges, runways, and civil construction, as well as land development, water pipelines, rehabilitation, and upgradation services.
Also Read: Piramal Enterprises promoter group increases stake from the open market to 46.3%
Of the src4 analysts who track the stock on Bloomberg, src3 of them have a “Buy” recommendation whereas just one analyst suggests to “hold”.
First Published:
Aug 20, 2024 srcsrc:08 PM
IST