HDFC gains after cutting prime lending rate

HDFC rose 0.98% to Rs 1,302.90 at 9:17 IST on BSE after the company announced a reduction in its retail prime lending rate by 20 basis points, with effect from today, 13 April 2015.

The announcement was made after market hours on Friday, 10 April 2015.

Meanwhile, the S&P BSE Sensex was down 2.96 points or 0.01% at 28,882.34.

On BSE, so far 2,101 shares were traded in the counter as against average daily volume of 63,000 shares in the past two weeks.

The stock hit a high of Rs 1,300 and a low of Rs 1,293.35 so far during the day.

The reduction in the retail prime lending rate (RPLR) will also be applicable on loans to Non-Resident Indians (NRIs). HDFC has also revised its deposit rates.

HDFC also said that it has received an approval from Reserve Bank of India (RBI) to raise external commercial borrowing (ECB) of up to $500 million. The approval is valid for a period of six months, HDFC said.

HDFC's net profit rose 11.6% to Rs 1425.49 crore on 14.1% growth in total income to Rs 6882.52 crore in Q3 December 2014 over Q3 December 2013.

HDFC has a wide network of offices spread across the country. It also has offices in Dubai, London and Singapore and service associates in the Middle East region, to provide housing loans and property advisory services to Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs).

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