HDIL bounces back on bargain hunting

capital market | Mumbai |

HDIL galloped 8.07% to Rs 107.10 at 11:25 IST on BSE, on bargain hunting after sliding 24.2% in prior four trading sessions.

Meanwhile, the BSE Sensex was up 287.53 points, or 1.65% to 17,733.28

On BSE, 22.42 lakh shares were traded in the counter as against average daily volume of 30.70 lakh shares over the past one quarter.

The stock hit a high of Rs 107.40 and a low of Rs 100.50 so far during the day. The stock had hit a 52-week low of Rs 52.10 on 2 January 2012. The stock had hit a 52-week high of Rs 198.90 on 7 April 2011.

The HDIL stock was on a downward journey, declining 24.2% in four trading sessions to Rs 99.10 on 27 February 2012 from a recent high of Rs 130.75 on 21 February 2012.

The mid-cap stock outperformed the market over the past one month till 27 February 2012, soaring 24.34% compared with the Sensex's 1.23% gain. The scrip had also outperformed the market in past one quarter, surging 52.11% as against Sensex's 11.15% gain.

The company has an equity capital of Rs 419 crore. Face value per share is Rs 10.

On a consolidated basis, HDIL's net profit fell 31.7% to Rs 155.80 crore on 8.8% growth in net sales to Rs 422.57 crore in Q3 December 2011 over Q3 December 2010.

HDIL's operations include residential, commercial, and retail real estate development.

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