Shares of Hindustan Construction Company Ltd (HCC) hit a 52-week high of Rs 32.40 on 5 December after the company’s material subsidiary signed a share purchase agreement to divest its entire stake.

In its regulatory filing, the company said Steiner AG, Switzerland, the material subsidiary of HCC, entered into a share purchase agreement with a company headquartered in France, Demathieu Bard, to divest its entire stake in Steiner Construction SA, Switzerland, which is a step-down material subsidiary of the company, for Rs 928 crore.

Moreover, a subsidiary of the company, HCC Infrastructure Company, had returned Rs 110 crore as earn-out money from Cube Highways and Infrastructure V Pte Ltd for a stake sale in Baharampore-Farakka Highways.

In its quarterly report for July-September, the company reported a 97.95% year-on-year (YoY) decline in its consolidated net profit to Rs 6.33 crore from Rs 310.29 crore reported in the same quarter last year.

The consolidated revenue stood at Rs 1,870.70 crore during the quarter from Rs 2,273.39 crore reported in the same quarter of the previous fiscal year.

At 3:30 pm, the shares of HCC closed 7.24% higher at Rs 31.85 on NSE.