HFCL hits fresh 52-week high after exit from CDR mechanism

Himachal Futuristic Communications (HFCL) hit an over nine-year high of Rs 30.10, up 8% on the National Stock Exchange (NSE) in intra-day trade, after the company said it was no longer under the Corporate Debt Restructuring (CDR) mechanism. The stock was trading at its highest level since February, 2008.

“Since the Company has completed all the formalities related to exit from CDR mechanism, the CDR Cell vide its letter no. BY CDR (DAP) No. 2018/2017-18 dated 1st September, 2017 which was received by us on 12th September, 2017, has informed the Company about successful exit of the Company from the CDR mechanism,” HFCL, the company engaged in telecom cables business said in a BSE filing on Wednesday after market hours.


“The successful exits of the account of HFCL from CDR mechanism stands approved on receipt on confirmation from IDBI Bank, the Monitoring Institution (MI) that the directions stipulated in CDR-EG held on February 22, 2016 have been compiled with,” Corporate Debt Restructuring Cell in its decision.

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HFCL zooms 32% in two days after Grantham Mayo Van picks up stake

Himachal Futuristic Communications Limited (HFCL) is locked in upper circuit for the second straight day, up 10% at Rs 28.15 on the National Stock Exchange (NSE), after Grantham Mayo Van Otterloo (GMO) - Emerging Markets Quality Fund bought more than 10 million shares of the company through open market.

On September 6, 2017 Grantham Mayo Van Otterloo - Emerging Markets Quality Fund bought 11.08 million equity shares representing 0.89% of total holding of HFCL at Rs 23.92 on the NSE, the bulk deal data shows. CLICK HERE FOR BULK DEALS DATA

The stock trading at its 52-week high level has zoomed 32% from Rs 21.35 on Tuesday, September 5. In past six trading sessions, it rallied 67% from Rs 16.90 on August 30.

Till 9:53 am, as many as 43.44 million shares changed hands and there were pending buy orders for 6.58 million shares on the NSE and BSE.

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