HCC hits new high

HCC is doing very well today, figuring among the list of top five gainers. From its close of Rs.29.69, it opened marginally higher at Rs.30.55 and soon jumped to hit a new 52-week high at Rs.32.42. It is currently trading 7% higher nearer the high levels.

The reason for this rush in HCC counter? The company has two news to share. Firstly, as part of the Baharampore-Farakka Highways (BFHL) stake sale transaction, HCC Infrastructure Company, subsidiary of HCC, received Rs.11 crore as an earn out money from Cube Highways and Infrastructure V Pte. Ltd.

The second news - Steiner AG, Switzerland, a material subsidiary of the company, entered into a share purchase agreement for divestment of its entire equity, with Demathieu Bard, a company headquartered in France, for divestment of its entire equity interest in Steiner Construction SA, Switzerland, a step-down material subsidiary of the company, for Rs 928 crore.