The shares of Housing Development & Infrastructure Ltd surged as much as 8.1 per cent in the morning session on Monday. The share marked the highest intraday level since January 2013 at Rs 119.
October-December profit jumped to Rs 67.29 crore ($10.84 million) from Rs 5.1 crore a year earlier.
Q3 profit was ahead of expectations on recognition of commercial sales in Kurla, analysts said.
JP Morgan has upgraded the stock to "overweight" from "neutral" and raises the target to Rs 140 from Rs 100.
It added that the company was transforming into Mumbai's largest affordable housing developer.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.