One news is enough for any company’s stock to rise or fall. If the stock becomes a rocket because of one news, then it can also go into the abyss.
The latest example is that of real estate developer Housing Development Infrastructure Limited (HDIL). This company is going through the bankruptcy process and the name of Gautam Adani of Adani Group is also included in the race to buy it. There have been reports in the media that Gautam Adani is the frontrunner in the race to acquire HDIL. Because of this news the company’s stock price is running like a rocket. The performance of the stock has been amazing in the last 5 trading days.
How much is the share price: On Friday, the stock price of HDIL stood at Rs 6.04 on the BSE index. On March 2 itself, the share price was at the level of Rs 4.01, which is the low level of 52 weeks. After this, due to over-buying, the stock has hit an upper circuit several times. The company’s market capital has also crossed the Rs 286 crore mark.
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Apart from Adani Group, other applicants for HDIL include Sharda Construction & Corporation Limited, B-Right Real Estate Limited, Urban Affordable Housing LLP, Toscano Infrastructure Private Limited and Dev Land & Housing Limited.