HDFC gains on bargain hunting

HDFC rose 1.07% to Rs 1,166.40 at 10:35 IST on BSE, with the stock gaining on bargain hunting after falling 8.59% in preceding eight trading days to Rs 1,154.10 yesterday, 12 January 2016 from a recent high of Rs 1,262.65 on 31 December 2015.

Meanwhile, the BSE Sensex was up 211.81 points, or 0.86%, to 24,893.84

On BSE, so far 11,335 shares were traded in the counter, compared with an average volume of 98,336 shares in the past one quarter. The stock hit a high of Rs 1,167.95 and a low of Rs 1,158.50 so far during the day. The stock hit a record high of Rs 1,399.80 on 4 March 2015. The stock hit a 52-week low of Rs 1,093.80 on 26 August 2015. The stock had underperformed the market over the past one month till 12 January 2016, falling 1.74% compared with 1.45% decline in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 9.28% as against Sensex's 8.26% decline.

The large-cap company has an equity capital of Rs 315.75 crore. Face value per share is Rs 2.

Meanwhile, HDFC after market hours yesterday, 12 January 2016 said that as at 31 December 2015, the total amount invested by mutual funds in non convertible debentures and commercial paper issued by the company is 3.9% of the total debt asset under management. The single issue limit stipulated by the Securities Exchange Board of India (Sebi) for mutual funds is 10% of the net asset value of the scheme. The company replied with regards to press release issued by Sebi on 11 January 2016 post its board meeting on investments by mutual funds in Housing Finance Companies (HFCs).

HDFC's net profit rose 18.2% to Rs 1604.56 crore on 12.1% rise in operating income to Rs 7480.24 crore in Q2 September 2015 over Q2 September 2014.

HDFC is India's first retail housing finance company and is currently one of the largest originators of housing loans in the country.

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