HDIL slides after reporting weak Q1 results

Housing Development and Infrastructure (HDIL) slumped 6.88% to Rs 94 levels at 9:20am on the Bombay Stock Exchange (BSE), after its consolidated net profit fell 30% (y-o-y) to Rs 40.89 crore on 2.7% decline in total income to Rs 265.21 crore in the quarter ended June 2016.

The result was announced on Saturday, September 10, 2016. Meanwhile, the BSE Sensex was down 440.73 points, or 1.53%, to 28,356.52.

On BSE, so far 40,604 shares were traded in the counter, compared with an average volume of 12.95 lakh shares in the past one quarter. The stock hit a high of Rs 96.05 and a low of Rs 93.80 so far during the day.

Housing Development and Infrastructure (HDIL) said that it follows project completion method and accordingly results on quarter to quarter basis may not be comparable. HDIL is a real estate development company, with significant operations in the Mumbai Metropolitan Region.

 

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