HDFC Bank surges 2% on robust Q4 earnings

The country's second-largest private sector lender, HDFC Bank, today surged about two per cent on the bourses, a day after it reported robust fourth quarter results.

On the Bombay Stock Exchange, HDFC Bank jumped 2.51 per cent to touch the day's high of Rs 1,120. It had opened at Rs 1,100.

Similar fate was witnessed on the National Stock Exchange, where the scrip rose by 1.95 per cent from its previous close. It opened at Rs 1,100 and soon touched the day's high of Rs 1,113.

The bank posted net profit of Rs 630.88 crore in the fourth quarter of FY'09. It had a net profit of Rs 471.11 crore in the March quarter of FY'08.

The total income rose to Rs 5,385.52 crore during the latest quarter, from Rs 3,505.52 crore in the year-ago period.

On the volume front, over three lakh shares changed hands on both the bourses.

HDFC's board has declared a 100 per cent dividend for the equity shareholders at the rate of Rs 10 a share, for the fiscal year ended March 31, 2009.

HDFC Bank was later quoted at Rs 1,099.90, up by 0.68 per cent on the NSE. It was trading at Rs 1,098.00 on the BSE, up by 0.5 per cent.