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HDFC Group shares gain, HDFC Bank at new high

HDFC and HDFC Bank has surged almost 3% each on the back of heavy volumes.

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Shares of Group companies - Housing Development Finance Corporation (HDFC) and HDFC Bank has surged almost 3% each on the Bombay Stock Exchange (BSE) on back of heavy volumes.

HDFC Bank, a unit of HDFC, is trading at its historic high up 3.2% at Rs 684, after the bank’s American depository receipt (ADR) gained 2.38% to settle at $41.23 on the New York Stock Exchange on Monday, 26 November 2012.

As many as a combined 2.22 million shares have already changed hands on the counter till early noon deals against an average around two million shares that were traded daily in past two weeks on the BSE and NSE.

HDFC, also up by 3% at Rs 799, is currently trading near to its lifetime high of Rs 804 on the BSE. A combined 1.4 million shares have changed hands on the counter so far on both the exchanges.

Deepak Parekh-led HDFC group has outperformed its peers so far in current calendar year 2012 by recording about 37% rise in total group market capitalization compared to 21% gain reported by the Ratan Tata-led Tata Group companies and 12% rise recorded by Mukesh Ambani-led Reliance group. The BSE benchmark index Sensex has gained around 21% during the same period.

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