Stocks of oil and gas rise, headed by HPCL

Stocks of oil and gas rise, headed by HPCL

December 28, New Delhi (IANS): On Thursday, trading saw gains in oil and gas companies, with HPCL leading the way with a gain of more than 6%.

In trading, the BSE Oil and Gas index is up 1.72 percent. There are gains of 6.7% for HPCL, 3.6% for IOC, 3% for GAIL, and 2.6% for Petronet LNG.

PSU equities are also doing well; the BSE PSU index is up 1.5%. The following are up: HUDCO is up 19%, Hindustan Copper is up 9%, NALCo is up 6%, Engineers India is up 5%, SAIL is up 4%, BHEL is up 4%, and NBCC is up 4%.

HUDCO’s stock increased by more than 18% on Thursday following the PSU company signing an agreement with the Gujarati government to invest Rs. 14,500 crore.

Shares of HUDCO are up almost 18%, trading at 134.78.

A Memorandum of Understanding between HUDCO and the Gujarat government was signed, providing funding for housing and urban infrastructure projects in the state up to Rs 14,500 crore.

Gujarat plans to develop the state as a whole by putting in place several housing and infrastructure projects.

As a techno-financial organization, HUDCO is in the business of lending money to housing and urban development projects across the nation, meeting the diverse needs of all facets of the industry and contributing significantly to the strengthening of India’s social and economic foundations and the creation of national assets, according to the company.

Following its goals and guidelines for Gujarat for qualified sector projects through term loans for infrastructure projects, HUDCO expressed its interest in carrying out this Memorandum of Understanding for an investment of up to Rs 14,500 crore under the Financial Services Sector.

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