HDIL is 'free'

HDIL is most certainly a stock to watch today. Opening Rs.2 higher it is currently up over 4% at Rs.85.95, its current intra day high point. Its still far away from the 52-week high of Rs.113.25.

The stock opened with positive news that its promoters had revoked all the shares which it has pledged earlier with IF&FS Trust.  Over 75 million shares were released and this is the last tranche, making up for 51.89% of total shares pledged by the promoter group. With this, there are no more pledged shares HDIL’s promoters , their entire holding is now free.