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.