HDFC gains on fund raising plan

HDFC rose 0.71% to Rs 1,402.25 at 10:22 IST on BSE after the company's announcement that it is aiming to raise Rs 500 crore by issuing rupee denominated bonds to overseas investors.

The announcement was made after market hours yesterday, 30 August 2016.

Meanwhile, the BSE Sensex was up 70.84 points, or 0.25%, to 28,413.85.

On BSE, so far 23,000 shares were traded in the counter, compared with average daily volume of 1.56 lakh shares in the past one quarter. The stock hit a high of Rs 1,410 so far during the day, matching the record high level attained yesterday, 30 August 2016. The stock hit a low of Rs 1,392 so far during the day. The stock hit a 52-week low of Rs 1,012 on 25 February 2016. The stock had outperformed the market over the past 30 days till 30 August 2016, rising 1.3% compared with 1.21% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 12.16% as against the Sensex's 6.1% rise.

The large-cap company has equity capital of Rs 316.59 crore. Face value per share is Rs 2.

HDFC said the rupee denominated overseas bond issue will open today, 31 August 2016 and will close tomorrow, 1 September 2016. The bonds will be listed on the London Stock Exchange (LSE). This is second overseas rupee denominated bond issue from HDFC. HDFC became the first Indian company when it raised Rs 3000 crore from rupee denominated overseas bonds last month.

HDFC's net profit rose 37.5% to Rs 1870.73 crore on 19.4% growth in total income to Rs 8393.33 crore in Q1 June 2016 over Q1 June 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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