Loan rate hike reports lift HDFC

DALAL STREET SPIKES

HDFC surged four per cent to a 52-week high of Rs 709 in intra-day deals on Tuesday on reports that the housing finance major would raise the loan rates by up to 50 basis points post-Diwali.

The stock closed at Rs 705.80 on the back of a volume of more than 3.7 lakh shares on the BSE.

On the National Stock Exchange the counter witnessed a volume of more than 5.6 lakh shares with the stock closing at Rs 704.90.

It will be the first hike in floating rate loans by HDFC in four years. The last time it hiked floating rates was in August 2000. HDFC's approvals during the six months ended September 30, 2004, aggregated Rs 8,907.10 crore, an increase of 30 per cent.