Meanwhile, the S&P BSE Sensex was up 177.37 points, or 0.62%, to 29,009.82

On BSE, so far 2.18 lakh shares were traded in the counter, compared with an average volume of 16.38 lakh shares in the past one quarter. The stock hit a high of Rs 69.55 and a low of Rs 68.50 so far during the day.

The stock hit a 52-week high of Rs 108.75 on 12 July 2016. The stock hit a 52-week low of Rs 52.25 on 27 December 2016. The stock had outperformed the market over the past 30 days till 3 March 2017, rising 6.06% compared with 2.15% rise in the Sensex. The scrip had also outperformed the market in past one quarter, advancing 13.66% as against Sensex's 9.92% rise.

The small-cap company has an equity capital of Rs 434 crore. Face value per share is Rs 10.

Housing Development and Infrastructure (HDIL) said that the finance committee of the board at its meeting held on 4 March 2017, decided to divest its 100% shareholding of its wholly owned subsidiary company Excel Arcade. HDIL was holding 19.54 lakh shares and had invested Rs 10.81 crore in that company. It was meant to be a special purpose vehicle for a project at Vikroli. Since the timeline for the project is uncertain, it was decided to divest the investment in the subsidiary company for Rs 17 crore, HDIL said.

HDIL's consolidated net profit dropped 83.82% to Rs 16.23 crore on 64.63% decline in total income to Rs 116.44 crore in Q3 December 2016 over Q3 December 2015.

HDIL is a real estate development company, with significant operations in the Mumbai Metropolitan Region.