Hindustan Construction rises as its arm divests entire equity interest in Steiner Construction SA
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Hindustan Construction is currently trading at Rs. 32.53, up by 0.22 points or 0.68% from its previous closing of Rs. 32.31 on the BSE.
The scrip opened at Rs. 32.76 and has touched a high and low of Rs. 33.10 and Rs. 32.41 respectively. So far 1080638 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 35.30 on 12-Jan-2024 and a 52 week low of Rs. 12.50 on 28-Mar-2023.
Last one week high and low of the scrip stood at Rs. 34.75 and Rs. 30.43 respectively. The current market cap of the company is Rs. 4955.17 crore.
The promoters holding in the company stood at 18.59%, while Institutions and Non-Institutions held 17.23% and 64.19% respectively.
Hindustan Construction Company’s material subsidiary -- Steiner AG, Switzerland has divested its entire equity interest in Steiner Construction SA, Switzerland, a step-down material subsidiary of the Company on January 18, 2024 pursuant to Share Purchase Agreement entered in to with Demathieu Bard, a Company headquartered in France.
This strategic transaction accelerates Steiner AG's transition to a pure real estate development company, paving the way for long-term growth in this field. Steiner AG will look to expand its portfolio of developments with a more ambitious growth plan, with capital being deployed into newer and wider net of opportunities, along with a broader set of strategic and financial partners.
Hindustan Construction Company is a leader in engineering and construction space. The company has established a vast presence and gained recognition in the sectors of Hydro Power, Water Solutions, Transportation and Nuclear Power.
