HUDCO shares surge 14% to a record high; Stock set for best week in three months

Shares of Housing & Urban Development Corporation Ltd. (HUDCO) surged as much as 15% on Friday to a record high of ₹233.85. The stock is up for the sixth straight session on Friday.With today's surge, the state-run company has gained nearly 20% this week, and is likely to post its best week since January this year.HUDCO has had a strong start to 2024. The stock is up 24% in the month of April, followed by a 11% advance in February and a 37% gain in January. The stock had declined 2% in the month of March. On a year-to-date basis, the stock is up nearly 80%.Shares of HUDCO had gained 141% in calendar year 2023. This was the second straight year of positive returns in a calendar year for the company, having gained 34% in 2022 as well.On the charts, the stock has entered overbought territory with the Relative Strength Index (RSI) currently at 73. A reading above 70 on the RSI means that the stock is in "overbought" territory.Friday's gains have also come on the back of strong volumes. Nearly 8.1 crore shares of the company have already been traded so far, compared to the 20-day average of 76 lakh shares.For the December quarter, HUDCO's net profit more than doubled to ₹519.2 crore. Revenue for the quarter also increased by 18% to ₹2,012.66 crore. Gross NPA for the quarter fell to 3.14% from 4.27% at the end of the December quarter last year.Over the last 12 months, shares of HUDCO have rallied 371%. The stock was also recently granted a "Navratna" status by the government of India. As a result of this surge, the stock's market capitalisation has surged to nearly ₹50,000 crore, currently at ₹46,454 crore.