HDIL spurted 12.78% to Rs 17.65 on the BSE after the company announced that it allocated shares to one its promoters towards conversion of share warrants.
The announcement was made on Saturday, 22 June 2019.
Meanwhile, the S&P BSE Sensex was down by 61.57 points, or 0.16% to 39,132.92.
On the BSE, 6.55 lakh shares were traded in the counter so far compared with average daily volumes of 2.99 lakh shares in the past two weeks. The stock had hit a high of Rs 18.25 and a low of Rs 15.75 so far during the day. It hit a 52-week high of Rs 35.65 on 3 September 2018 and a 52-week low of Rs 13.05 on 20 June 2019.
Housing Development and Infrastructure (HDIL) announced allotment of 2 crore equity shares to one of its promoter, Sarang Wadhawan, upon conversion of share warrants. Post transaction, Sarang Wadhawan's stake in HDIL increased from 8.63% to 12.48%.
On a consolidated basis, HDIL's net profit fell 10.3% to Rs 7.48 crore on a 28.2% fall in the net sales to Rs 29.68 crore in Q4 March 2019 over Q4 March 2018.
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HDIL is one of India's premier real estate development companies, with significant operations in the Mumbai Metropolitan Region.
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