Promoters to pare 2.8% stake in HG Infra Engineering

21 Aug 2024 , 10:55 AM

On Tuesday, H.G. Infra Engineering’s promoters sold roughly 18 lakh shares worth ₹281 Crore, representing 2.8% of the company’s stock. The deal was done through block deals on the BSE, with an average price of ₹1,566.50.

Aditya Birla Sun Life Mutual Fund and Tata Mutual Fund purchased roughly 5 lakh shares, while ITI Mutual Fund, Bandhan Mutual Fund, and Sundaram Mutual Fund collectively purchased ₹86 Crore. According to BSE bulk trade data, global fund house Societe Generale purchased approximately 3 lakh shares for ₹45 Crore.

H.G. Infra Engineering shares have increased up to 87% in 2024, compared to the benchmark Nifty50’s 14% return during the same period. Except for 2020, the stock has generated positive returns every year since it was listed in 2018. While the stock fell 17% in 2020, it returned an impressive 165% in 2021.

H.G. Infra Engineering reported higher-than-expected earnings in the June quarter. The company recorded an 18% increase in net profit and revenue year over year. The company’s net profit increased by 18% to ₹140 Crore, with net revenue of ₹1,506 Crore for the quarter. Furthermore, management has increased its full-year revenue projection to 17-18% from 15%.

H.G. Infra Engineering, situated in Rajasthan, provides infrastructure construction services. The company provides highways, roads, bridges, runways, civil construction, land development, water pipes, rehabilitation, and upgrading services.

At around 10.49 AM, H.G. Infra Engineering was trading 1.77% higher at ₹1,610.70 per share, against the previous close of ₹1,582.70 on NSE. The counter touched an intraday high and low of ₹1,647.85, and ₹1,605.20, respectively.

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