HCC shares tank nearly 7 pc after quarterly earnings

Shares of Hindustan Construction Company (HCC) on Friday tanked nearly 7 per cent after the company reported a consolidated net loss of Rs 406.26 crore for the quarter ended June 30, 2020.

Shares of Hindustan Construction Company (HCC) on Friday tanked nearly 7 per cent after the company reported a consolidated net loss of Rs 406.26 crore for the quarter ended June 30, 2020. The stock closed 6.82 per cent lower at Rs 6.28 on the BSE. During the day, it tanked 8.60 per cent to Rs 6.16.

On the NSE, it closed at Rs 6.30, down 5.97 per cent. In traded volume terms, 50.88 lakh shares were traded at the BSE and over 2 crore units on the NSE during the day. Hindustan Construction Company reported a consolidated net loss of Rs 406.26 crore for the quarter ended June 30, 2020.

The company had clocked a net profit of Rs 99.74 crore in the corresponding quarter of 2019-20, it said in a filing to the BSE. Its total income during the June 2020 quarter stood at Rs 1,689.82 crore, compared with Rs 2,815.21 crore in the year-ago quarter.

The firm's total expenses declined to Rs 1,989.60 crore, against Rs 2,703.55 crore a year ago. "The revenue of construction companies was impacted by the nationwide lockdown, resulting in halting of construction, non-availability of labour and disruption in supply chain," the company said.