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

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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.

Price Action: HUDCO’s share price was up 2.57% to trade at ₹315.20 on Wednesday.

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