HDFC gains on fund raising plan

HDFC rose 1.20% to Rs 1,328.70 at 9:16 IST on BSE after the company said it will raise upto Rs 3000 crore by selling rupee-denominated bonds to foreign investors.

Meanwhile, the BSE Sensex was up 120.37 points, or 0.44%, to 27,747.06.

On BSE, so far 4,860 shares were traded in the counter, compared with an average volume of 1.50 lakh shares in the past one quarter. The stock hit a high of Rs 1,330.55 and a low of Rs 1,315.20 so far during the day. The stock hit a 52-week high of Rs 1,370.80 on 16 July 2015. The stock hit a 52-week low of Rs 1,012 on 25 February 2016. The stock had outperformed the market over the past one month till 11 July 2016, rising 6.68% compared with 3.72% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 21.61% as against Sensex's 10.41% rise.

The large-cap company has an equity capital of Rs 316.41 crore. Face value per share is Rs 2.

HDFC announced after market hours yesterday, 11 July 2016, that it will issue its first unrated synthetic rupee denominated Notes aggregating Rs 2000 crore with an option to retain oversubscription of upto Rs 1000 crore. The bonds will bear a fixed coupon and will have a tenor of 3 years and 1 month. The company proposes to list the Notes on the London Stock Exchange. Pricing will take place on or before 15 July 2016, subject to market conditions. The settlement shall be in the next week.

On consolidated basis, HDFC's net profit rose 30.8% to Rs 3460.46 crore on 15.5% growth in total income to Rs 17027.21 crore in Q4 March 2016 over Q4 March 2015.

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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