HCC hits 20% upper circuit after getting arbitral award from NHPC, NHAI

India Infoline News Service | Mumbai | December 01, 2016 17:02 IST

HCC has been asked to reconcile the award amount within 7 days and thereafter open escrow account and submit bank guarantees (BGs) within 30 days for recovering the amount.

Hindustan Construction Company Ltd ended at Rs 41, up by Rs 6.8 or 19.88% from its previous closing of Rs 34.2 on the BSE after the company has received communication from NHPC Ltd and NHAI Ltd regarding arbitral award payment.

NITI Ayog has given the SOP (Standard Operating Procedures) for release of payment for timely implementation.

HCC has been asked to reconcile the award amount within 7 days and thereafter open escrow account and submit bank guarantees (BGs) within 30 days for  recovering the amount. This communication clears the way for HCC for receiving close to Rs 2000 crore within 4 to 6 weeks.

The scrip opened at Rs 37.5 and touched a high and low of Rs 41 and Rs 37.5 respectively. A total of 78307740 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 2664.72 crore.

The BSE group 'A' stock of face value Rs 1 touched a 52 week high of Rs 41.9 on 14-Sep-2016 and a 52 week low of Rs 16.6 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs 34.7 and Rs 31.65 respectively.

The promoters holding in the company stood at 36.07 % while Institutions and Non-Institutions held 24.93 % and 39 % respectively.

The stock traded above its 50 DMA.

***Note: This is a NSE Chart

 

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