Shares of HCC surged over 16 percent on Thursday after multiple large deals took place in the stock during the last hour of trade. A total of 4.5 crore shares or 3.3 percent of the total equity exchanged hands in nine block deals.

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The total transaction size is said to be worth Rs 83.5 crore. Buyers and sellers in the transaction are not immediately known. The shares exchanged hands at an average price of Rs 18.6 per share.

Total volumes traded on HCC were nearly eight times higher than its 20-day average.

In the quarter ended on March 31, 2022, HCC Ltd reported a consolidated net profit of Rs 189.84 crore, a massive growth of 1,092.46 percent on a year-on-year basis, as against Rs 15.92 crore posted in the same quarter last year.

Its net sales advanced by 5.94 percent to Rs 3,094.09 crore compared to Rs 2,920.6 crore in the corresponding quarter a year ago.

Further, HCC’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) of Rs 328.4 crore in the March quarter was 19.38 percent higher than Rs 407.36 crore observed in the year-ago period.

Shares of HCC ended 16.3 percent higher at Rs 21.35. The stock is trading near its 52-week high of Rs 22.70. Today's surge reversed all year-to-date losses of HCC and the stock turned positive for 2023. Over the last 12-months, the stock has risen over 70 percent.