HUDCO stock price up by more than 1% today

13 May 2024 , 01:27 PM

Housing and Urban Development Corporation Limited’s (HUDCO) stock price is up by more than 1% today. The company has signed a  Memorandum of Understanding (MoU) with Surat Integrated Transportation Development Corporation Ltd (SITCO). The MoU focuses on collaborating for the construction and development of the Surat Multi-Modal Transportation Hub (MMTH) on land allocated by the railway ministry and the Gujarat government.

Signeed on May 9, the MoU involved HUDCO’s CMD, Sanjay Kulshrestha, and SITCO’s MD, Manoj Garg, alongside officials from HUDCO, SITCO, and Rail Land Development Authority (RLDA). It facilitates avenues for consultancy, capacity building, and technical assistance from HUDCO.

SITCO, a joint venture of the Ministry of Railways, the Government of Gujarat, and the Surat Municipal Corporation, spearheads the project.

The Surat MMTH, slated for completion by December 2026, aims to integrate railway, interstate bus, metro, and city bus services, with direct links to bullet trains and airports. HUDCO was granted Navratna status by the Department of Public Enterprises, reflecting its elevated status in the public sector.

The stock has witnessed a remarkable surge, up by over 294% in the last one year and over 67% year-to-date, surpassing the Nifty 50’s performance. 

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