HUDCO Shares Soar to New Heights! Discover the Budget 2024 Game-Changer Behind the Surge!

HUDCO Shares Soar to New Heights! Discover the Budget 2024 Game-Changer Behind the Surge!

The Housing and Urban Development Corporation (HUDCO) witnessed a significant surge in its share price, reaching a new lifetime high of ₹226.45 per share on the NSE. This upward trend follows the post-budget rally on Friday, marking a remarkable increase of over 30 percent in the last two consecutive sessions.

Impact of Budget 2024 on HUDCO Share Price

The surge in HUDCO’s share price can be attributed to the Budget 2024 announcement of the construction of 2 crore new affordable houses. Market experts highlight that HUDCO, being a government-backed financial company with a strong presence in affordable housing finance, is reaping the benefits of this budgetary proposal. Despite operating on smaller profit margins, the company is viewed favorably by long-term investors.

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Expert Analysis on HUDCO’s Performance

Avinash Gorakshkar, Head of Research at Profitmart Securities, emphasized the significance of the budget announcement in driving the recent uptrend in HUDCO shares. He stated, “FM Sitharaman’s revelation of 2 crore new affordable houses in Budget 2024 serves as a fresh trigger for HUDCO shares. The market response to this budget proposal reflects the company’s standing as a government-backed financial entity specializing in affordable housing finance.”

Technical Analysis and Future Projections

Sumeet Bagadia, Executive Director at Choice Broking, anticipates further upside in HUDCO shares based on technical chart analysis. He suggests that the stock faces a minor hurdle at ₹226 and, once surpassed, may escalate towards ₹240 and ₹250 levels. Bagadia advises existing shareholders to maintain a trailing stop loss at ₹200, while new investors are encouraged to adopt a buy-on-dips strategy with a strict stop loss at ₹200 per share.

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Government’s Initiative in Budget 2024-25

Finance Minister Nirmala Sitharaman’s announcement in the interim Budget for 2024-25 unveiled a scheme aimed at assisting deserving sections of the middle class residing in rented houses, slums, chawls, and unauthorized colonies to purchase or construct their own homes. This initiative further contributes to the positive sentiment surrounding HUDCO’s performance in the market.

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