Realty firm Housing Development and Infrastructure Development Limted's (HDIL) shares have been faring exceptionally well of late, with investors betting on better days for the stock after the company reported upbeat quarterly results.
Since announcing its results on August 14, the stock has moved up pretty sharply on fairly strong volumes. The stock was hovering around Rs 23.50 when the company announced its results, and added about Rs 2.50 by the end of the session.
The company reported a more than 3-fold jump in consolidated net profit to Rs 24.70 crore in the quarter ended June 2018, compared to net profit of Rs 7.54 crore in the year-ago quarter.
Total income of the company increased to Rs 171.35 crore in the first quarter, from Rs 89.65 crore in the first quarter of previous year.
On Thursday, the stock rose more than 18% to Rs 30.75 on huge volumes, and climbed to Rs 34.75 today, extending its journey up north.
The HDIL counter on the National Stock Exchange clocked a volume of about 54.39 million shares in today's session. On BSE, the counter clocked a volume of about 6.21 million shares today, as compared to average daily volume of about 1.93 million shares.
The stock, which touched a 52-week high of Rs 69.15 in mid-January this year, declined to a low of Rs 17.45 by mid-July following a series of setbacks.
The stock's recent uptick has resulted in the counter registering a whopping gain of over 78% in the past one month. The next best performer in the Nifty Realty index in the past one month is DLF, which has surged about 17%.
In the last one year, the stock has shed about 46.3%, slightly less than the 47.2% loss recorded by Unitech.