The Housing and Urban Development Corporation Limited (HUDCO) has revealed its plans to boost housing and urban infrastructure in Rajasthan.
What Happened: The non-binding MoU was signed on Wednesday, July 24, between HUDCO and the government of Rajasthan. The agreement, signed in Jaipur, is an in-principle arrangement that aims to provide financial backing for housing and urban infrastructure projects in the state, under mutually agreed terms and conditions.
“The MoU is an in-principle arrangement between the parties with the objective of providing financial assistance for housing and urban infrastructure projects in the State of Rajasthan to the extent of ₹1 lakh crore (for the next five years), subject to mutually agreed terms and conditions,” the company said in an exchange filing
See Also: Titagarh Rail Systems To Report Q1 Earnings On July 30: What To Expect
The MoU was signed by Sanjay Kulshrestha, CMD, HUDCO, and Debasish Prusty, IAS, secretary to government, finance (budget) department, Rajasthan.
Shares of the company shot up as soon as the announcement was made. The stock was in the red but shot up over 8% from the day’s low to hit an intraday high of ₹323.80.
![](https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/24052208/newplot-2024-07-24T145156.525.jpeg)
Price Action: HUDCO’s share price was up 2.57% to trade at ₹315.20 on Wednesday.
Read Next: Bajaj Finserv Net Profit Surges 10.04% To ₹2,138 Cr
Engineered by Benzinga Neuro, Edited by Utkarsh Roshan
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.