Shares of Housing and Urban Development Corp Ltd (HUDCO) traded flat on 9th September after touching a day’s high of Rs 220.84, following the company’s announcement that it had signed a memorandum of understanding (MoU) with the Nagpur Metropolitan Region Development Authority (NMRDA), Maharashtra, in Mumbai.

HUDCO has signed a non-binding MoU with the Nagpur Metropolitan Region Development Authority (NMRDA) to support land acquisition, housing, and infrastructure projects in the Nagpur region.

As part of the agreement, HUDCO will explore funding of up to Rs 11,300 crore over five years. The funds will go towards major development projects, and HUDCO will also offer consultancy and capacity-building support to meet NMRDA’s needs.

The MoU was signed in Mumbai in the presence of Maharashtra CM Devendra Fadnavis, Deputy CM Eknath Shinde, and HUDCO CMD Sanjay Kulshrestha, along with other dignitaries.

On the financial side, HUDCO’s Q1 net profit rose 13% to Rs 630.2 crore from Rs 558 crore last year, while net interest income grew 32% to Rs 961 crore.

The company’s asset quality improved, with gross NPA falling to 1.34% from 1.67% in March and net NPA dropping to 0.09% from 0.25%, helped by the resolution of a large NPA account worth Rs 277.68 crore.

In its business update, HUDCO said loan sanctions more than doubled, up 143% year-over-year to Rs 34,224 crore, though loan disbursements stayed flat at Rs 12,812 crore.

At 12:24 PM, the shares of HUDCO were trading 0.76% lower at Rs 215.42 on NSE.

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