Stock price of HCC up 3% at Rs 48

NEW DELHI: The stock price of HCC was up 3% at Rs 48 in opening trade on news that the company has signed two MoU's with the government of Gujarat with an intent to invest a total of Rs 41,500 crores for developing water front city at Dholera and three water pipeline projects worth Rs 40,000 crore and Rs 1,500 crore respectively. The new city will be based on Lavasa, India's first and largest hill city being built by the company near Pune.

The water front city will be developed over 4000 acres in Dholera Special Investment Region (SIR) located at the Gulf of Cambay about 129 km from Ahmedabad. Dholera is in the influence are of the Delhi-Mumbai Industrial Corridor (DMIC). It will have an employment potential of 50,000 jobs.

The second MoU has been signed with Narmada Water Resources, Water Supply and Kalpasar Department for developing three water pipeline projects.