HDIL gains on plan of monetizing assets for paring debt

Housing Development & Infrastructure (HDIL) is currently trading at Rs. 101.85, up by 0.30 points or 0.30 % from its previous closing of Rs. 101.55 on the BSE. The scrip opened at Rs. 102.50 and has touched a high and low of Rs. 103.45 and Rs. 100.75 respectively. So far 996060 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 103.25 on 23-May-2014 and a 52 week low of Rs. 26.10 on 07-Aug-2013. Last one week high and low of the scrip stood at Rs. 103.25 and Rs. 84.50 respectively. The current market cap of the company is Rs. 4286.41 crore. The promoters holding in the company stood at 36.17 % while Institutions and Non-Institutions held 38.54 % and 25.29 % respectively. In a bid to partly repay its debt by around Rs 600-700 crore in FY15, Housing Development and Infrastructure (HDIL) is planning to raise up to Rs 1,800 crore this fiscal by selling stakes in some of its assets. The company is planning to monetize its assets where it has around 40-45% stake in joint venture projects. The company is planning to put its 100-acre land parcel at Kukatpally in Hyderabad on block as this market has witnessed a revival in the last one month. Moreover, the company will also sell off some of its commercial projects in Mumbai this fiscal. HDIL is a real estate development company. Its business activity comprises of construction and development of residential projects, commercial, retail and slum rehabilitation projects. It is also engaged in construction of special economic zone (SEZ).