Friday, 19 May 2017

HUDCO shares surge 29 percent on trading debut

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Shares in India's Housing and Urban Development Corp Ltd (HUDCO) surged nearly 30 percent in their market debut on Friday as investors sought to buy into the property sector of a country where housing demand is among the highest in the world.

HUDCO is the first state-run company to list on the stock exchange in five years. The government sold just over a tenth of its stake in a heavily oversubscribed initial public offering that raised 12.2 billion rupees ($188 million).

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