HDFC Bank gains after launching full-fledged digital banking service for SME

HDFC Bank rose 0.52% to Rs 1,182 at 13:25 IST on BSE after the bank launched SM Bank, India's first full-fledged digital banking service for small-and medium enterprises.

The announcement was made during market hours today, 1 July 2016.

Meanwhile, the BSE Sensex was up 170.83 points, or 0.63%, to 27,170.55

On BSE, so far 41,000 shares were traded in the counter, compared with an average volume of 96,868 shares in the past one quarter. The stock hit a high of Rs 1,184.60 and a low of Rs 1,175.75 so far during the day. The stock hit a record high of Rs 1,194.80 on 30 May 2016. The stock hit a 52-week low of Rs 928.80 on 29 February 2016. The stock had underperformed the market over the past 30 days till 30 June 2016, gaining 0.06% compared with Sensex's 1.07% gains. The stock, however, outperformed the market in past one quarter, rising 10.41% as against Sensex's 6.85% rise.

The large-cap company has an equity capital of Rs 507.01 crore. Face value per share is Rs 2.

HDFC Bank said that SM Bank will allow clients to access a complete suite of services instantly and round-the-clock on the device of their choice, be it a desktop, laptop, tablet or mobile. This facility does away with the need to call relationship manager or visit a branch, thereby saving considerable time and effort for the customer and is totally secure, HDFC Bank said. The facility will be available to existing customers, it added.

HDFC Bank's net profit rose 20.21% to Rs 3374.22 crore on 21.15% increase in total income to Rs 18862.61 crore in Q4 March 2016 over Q4 March 2015.

HDFC Bank is one of the leading private sector banks in India.

Powered by Capital Market - Live News