Shares of Housing & Urban Development Corporation (HUDCO) went into hyperdrive today, surging a whopping 20% to touch their one-year high of Rs 207. This multibagger stock has now skyrocketed a staggering 411.11% since its 52-week low of Rs 40.50 last year, leaving investors in awe.
The reason for this stratospheric rise? Look no further than the magic statements given by Finance Minister Nirmala Sitharaman in her Interim Budget speech: a new housing scheme aimed at helping the “deserving sections of the middle class” buy or build their own homes.
This initiative specifically targets those currently residing in rented accommodations, slums, or unauthorized colonies, aiming to bridge the gap and make homeownership a reality for a wider segment of society. Experts hail this move as a game-changer, aligning perfectly with the government’s vision of inclusive development where housing is seen as a fundamental right.
But what’s next for HUDCO? Technical analysts predict continued upward momentum, with support levels at Rs 171 and Rs 164. The next target? A mouthwatering Rs 217 in the coming days. However, a decisive breach below Rs 161 could signal a trend reversal, so investors are advised to tread cautiously.
So, is HUDCO the hottest stock on the block right now? With the government’s housing push acting as rocket fuel, it certainly seems to be on a trajectory towards the stars. But remember, as with any investment, careful analysis and due diligence are crucial before taking the plunge.
Key takeaways:
- HUDCO stock surged 20% to a one-year high of Rs 207.
- This rally is attributed to the government’s new housing scheme announced in the Interim Budget.
- Analysts predict further rise with next target at Rs 217, but caution advised due to potential volatility.
Stay tuned for further developments in this exciting story!
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