Profit booking takes sheen off HDFC Bank

DALAL STREET SPIKES

The HDFC Bank stock ended lower on Thursday despite impressive results on overall profit booking. The scrip was down 1.62 per cent to close at Rs 404.20 on the back of a volume of more than 54,000 on the Bombay Stock Exchange (BSE).

Analysts said profit booking on the eve of a long weekend resulted in most frontline stocks ending lower.

HDFC Bank reported a 30 per cent rise in net profit to Rs 152.29 crore for the quarter ended September 2004 as against Rs 117.14 crore in the same quarter last year.

Interest income rose 16 per cent to Rs 744.70 crore from Rs 640.24 crore, while other income surged 42 per cent to Rs 122.72 crore (Rs 86.26 crore) during the same period.

The HDFC Bank stock has been on a roll before Thursday's profit booking. From a low of Rs 368.10 on September 1, 2004, the stock closed at Rs 404.20, appreciating 9.78 per cent in the last one-and-a half month.