In Thursday's trading, the oil and gas sector exhibited a robust performance, spearheaded by a notable surge in HPCL, which recorded a gain of over 6%. The BSE Oil and Gas index mirrored this positive trend, climbing by 1.72%.
Among the major movers in the sector, HPCL led the way with a remarkable 6.7% increase, followed by IOC gaining 3.6%, GAIL rising by 3%, and Petronet LNG securing a 2.6% uptick.
Public sector undertaking (PSU) stocks also contributed to the market's buoyancy, with the BSE PSU index marking a 1.5% increase. HUDCO emerged as a standout performer, registering an impressive 19% surge, accompanied by notable gains in Hindustan Copper (9%), NALCo (6%), Engineers India (5%), SAIL (4%), BHEL (4%), and NBCC (4%).
HUDCO's remarkable performance was further fueled by the signing of a Memorandum of Understanding (MoU) with the Gujarat government for a substantial investment of Rs 14,500 crore. The PSU company's shares soared by more than 18%, trading at 134.78.
The MoU underscores HUDCO's commitment to contributing to Gujarat's overall development by financing housing and urban infrastructure projects. As a techno-financial institution specializing in providing financial assistance for such projects nationwide, HUDCO aims to play a pivotal role in fortifying India's social and economic foundations, aligning with the nation's objectives and guidelines for sustainable growth.
(With Agency Inputs)
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