HDFC Bank gains on buzz FIPB to mull hike in foreign investment limit

HDFC Bank rose 0.36% to Rs 854.30 at 12:21 IST on BSE in volatile trade on reports that the Foreign Investment Promotion Board will decide on 1 October 2014 a fresh proposal seeking enhancement of foreign investment limit in the bank.

Meanwhile, the BSE Sensex was down 167.04 points, or 0.63%, to 26,301.32

On BSE, so far 1.06 lakh shares were traded in the counter, compared with an average volume of 2.04 lakh shares in the past one quarter.

The stock was volatile. The stock rose as much as 1.03% at the day's high of Rs 860.05 so far during the day. The stock fell as much as 0.6% at the day's low of Rs 846.10 so far during the day. The stock hit a record high of Rs 869.50 on 9 September 2014. The stock hit a 52-week low of Rs 58835 on 30 September 2013.

The stock had outperformed the market over the past one month till 25 September 2014, rising 0.93% compared with 0.12% rise in the Sensex. The scrip, however, underperformed the market in past one quarter, rising 3.3% as against Sensex's 4.56% rise.

The large-cap company has an equity capital of Rs 482.75 crore. Face value per share is Rs 2.

In December 2013, the Reserve Bank of India (RBI) had stopped further purchase of shares of HDFC Bank by foreign investors, saying that overall foreign shareholding limit of 49% had been reached. Total foreign holding in HDFC Bank stood at 51.18% (as per the shareholding pattern as on 30 June 2014).

HDFC Bank's net profit rose 21.1% to Rs 2233.04 crore on 12.8% increase in total income to Rs 13070.65 crore in Q1 June 2014 over Q1 June 2013.

HDFC Bank is a leading private sector bank in India.

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